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Ripple CEO criticizes Dogecoin and Shiba Inu for not recovering from 60% drop

While the majority of the community is changing the view of Dogecoin significantly with its application, low cost and accessibility, the CEO of Ripple does not think that DOGE really has much effect.

Ripple CEO Brad Garlinghouse recently stated that Dogecoin may not be good for the crypto market. In the context of people using crypto as a hedge against inflation, the inherently “inflationary” nature of the meme coin does not fit that picture.

“I'm really not convinced by DOGE. Although somewhat controversial, I have to say that I don't think DOGE is useful for the market. DOGE itself has always had inflation that makes me not want to keep it.”

Mr. Garlinghouse noted Dogecoin has no cap on the total circulating supply, which makes DOGE very different from Bitcoin (BitfinexUSD), which is capped at 21 million BTC. At the same time, he also said that the project was built and conceived as a joke, so be careful.

As for the "successor" of DOGE, Shiba Inu, the situation is not very good for SHIB. Shiba Inu (SHIB) continued to decline further on November 24 as the appeal of the project failed to make the price reaction more positive, although SHIB remains the most held token in the top 1,000 ETH whale wallets Top.

Even more cases of scams related to the project have gradually appeared, prompting the Shiba Inu development team to issue a scam warning to investors. In addition, Google's keyword search data (NASDAQ:GOOGL) also shows a decreasing interest in Shiba Inu, with the same index in a 12-month timeframe dropping from 100 to 20.

The price of SHIB has dropped by almost 60% after setting an ATH at $0.00008854 on October 28, signaling that traders have taken profits off their investments. That further led to SHIB's significant drop in trading volume on Binance, demonstrating the waning and drying up of individual investor interest.

Ethereum hits 1 million ETH burned thanks to EIP-1559

Ethereum (ETH) on November 24th recorded a historic milestone when it surpassed 1 million ETH burned thanks to the EIP-1559 upgrade.

After 111 days since the London hard fork to support EIP-1559 on August 5, Ethereum has surpassed 1 million ETH burned. At $4,280/ETH at the time of writing, this amount is worth up to $4.28 billion.

EIP-1559 is an upgrade to impose a BASE FEE mechanism for Ethereum transaction fees. This mechanism prevents fees from suddenly skyrocketing, affecting the usage of users. In addition, a part of transaction fees will be burned to create deflationary pressure.

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