The CEO of Ripple, the company behind the XRP cryptocurrency, is not a fan of the meme-based digital currency Dogecoin (DOGE).

Brad Garlinghouse believes that DOGE is non good for the cryptocurrency market due to its alleged "inflationary dynamics" and unlimited supply.

Global inflation is driving Bitcoin's (BTC) price higher but has a warning for Dogecoin fans, Garlinghouse argued at a CNBC-moderated panel at the Fintech Abu Dhabi event on Tuesday.

"I'm actually not convinced, somewhat controversially I gauge, that Dogecoin is good for the crypto marketplace. Dogecoin has some inflationary dynamics itself that would make me reluctant to agree it," the Ripple CEO said.

Garlinghouse noted that Dogecoin has no hard limit on the total supply of coins in circulation, which makes information technology very different from some major cryptocurrencies such as Bitcoin, which is capped at 21 million coins.

"Information technology was built as a joke, then it got some momentum from some high-contour people like Elon Musk," Garlinghouse added.

Despite existence skeptical about DOGE, Garlinghouse is still optimistic about the cryptocurrency market in full general.

Dogecoin is a cryptocurrency based on the Shiba Inu meme that was launched equally a joke back in 2022. The digital currency started with a supply limit of 100 billion coins, which it hit in mid-2015. Since and so, Dogecoin was switched to provide an uncapped supply while limiting a reward of 10,000 DOGE per block to keep aggrandizement under control.

DOGE has emerged as i of the well-nigh successful cryptocurrencies in 2022, entering the list of the top 10 largest cryptocurrencies by market capitalization earlier this twelvemonth. At the time of writing, DOGE is the 10th-most valued digital currency, trading at $0.22, up over 6,000% over the past year.

Much of Dogecoin'south success has plain been associated with endorsement by Tesla CEO Elon Musk, who started actively promoting DOGE on Twitter in 2022.

Dogecoin all-fourth dimension price chart. Source: CoinGecko

Related: Tesla hints it may soon resume support for crypto payments

Musk has continued tweeting a lot nearly DOGE recently, bringing upwardly Dogecoin'southward withdrawal-related issues on Binance direct to the commutation's CEO Changpeng Zhao on Monday. According to Binance, the ongoing effect was caused past a "technical issue during the recent upgrade process that acquired one-time transactions to be resent to i,674 users."

The CEO said that he doesn't apply Binance despite him trying the commutation at 1 point "but sign-upward was too many hoops to leap through."