At Ripple Apex, the company’s flagship gathering for developers and partners, president Monica Long and chief executive Brad Garlinghouse took the stage for an unscripted fireside chat that quickly zeroed in on one of the industry’s most polarizing sub-sectors: meme coins. In an exchange that mingled candor with contrition, Garlinghouse acknowledged that his once-unyielding dismissal of Dogecoin no longer holds. The session began with the moderator’s binary provocation—meme coins, overrated or underrated?—to which Long replied that, taken at face value, many are “outright scams,” yet their speculative magnetism has nevertheless “miraculously become real functioning markets.” Long credited the phenomenon with seeding vital infrastructure—wallets, capital, developer mind-share—that she likened to Ethereum’s own 2016–2017 ICO surge. “There’s a lasting impact from meme coins,” she said.

在Ripple Apex，該公司為開發商和合作夥伴舉行的旗艦聚會，莫妮卡·朗（Monica Long）和首席執行官布拉德·加林豪斯（Brad Garlinghouse）上台進行了無腳本的壁爐架聊天舞台，該聊天迅速歸功於該行業最兩極時的子行業之一：Meme Coins。在交流中，加林豪斯（Garlinghouse）承認，他曾經不再對狗狗幣的解僱不再成立。會議始於主持人的二進制挑釁 - 最高的硬幣，被高估還是被低估？長期以來，她以種子重要的基礎設施（Walleters，Capital，Developer Mind-Share）的身份歸功於她與以太坊自己的2016 - 2017年ICO激增相比。她說：“模因硬幣產生了持久的影響。”

The Ripple CEO offered what he called “the other side” of the argument. “I think meme coins are generally maybe grossly overrated,” he said, framing most of them as “not sustainable” projects that amplify regulatory skepticism. He contrasted that short-term gambling impulse with what he described as Ripple’s “long arcs of time” approach.

Ripple首席執行官提供了他所謂的爭論的“另一面”。他說：“我認為模因硬幣通常被高估了。”他將其中的大多數人構建為“不可持續”的項目，這些項目會放大監管懷疑論。他將短期賭博衝動與他所說的波紋“長時間的弧線”方法形成鮮明對比。

Yet the conversation turned when Garlinghouse revisited Dogecoin, a target of his past derision. “For people who have followed some of my public statements, I used to really speak not so kindly towards Dogecoin,” he admitted. “I was just like, Dogecoin? It literally was created as a lark… it is literally a pile of shit as the logo.”

然而，當Garlinghouse重新審視Dogecoin時，談話轉向了他過去的嘲笑的目標。他承認：“對於那些遵循我的公開聲明的人來說，我曾經對Dogecoin說話並不那麼友善。” “我就像，狗狗幣？從字面上創建了它是一個百靈鳥……這實際上是一堆徽標的狗屎。”

His original objection, he explained, was that an asset conceived as parody could not credibly represent an industry courting institutional capital: “If we’re trying to engage institutions and build those bridges between traditional finance and decentralized finance… Dogecoin isn'output: 't representing us well.”

他解釋說，他最初的反對意見是，被認為是模仿的資產不能可靠地代表一個行業求婚的機構資本：“如果我們試圖與機構互動並在傳統財務和分散的財務之間建立這些橋樑……狗狗呢？

What changed his mind was not a newfound appreciation for the token’s fundamentals but the market reality forged by Elon Musk’s relentless advocacy. “Where I agree with Monica, and I think I got wrong, is Elon Musk willed Dogecoin into so much liquidity that it’s not going away,” the Ripple CEO conceded. “It’s part of the ecosystem. It plays a role.”

改變了他的想法並不是對代幣的基本面的新發現，而是埃隆·馬斯克（Elon Musk）不懈的倡導所構成的市場現實。 Ripple首席執行官承認：“在我同意莫妮卡（Monica）的同意，我認為我誤會了，埃隆·馬斯克（Elon Musk）願意將狗狗幣投入太多流動性，以至於沒有消失。” “這是生態系統的一部分。它發揮了作用。”

Even with that reversal, Garlinghouse made clear that most meme-coin launches remain “get-rich-quick rug pulls” that “reflect badly on those of us in the industry trying to build real products for real customers.” He cited US Senator Elizabeth Warren’s focus on negative use cases as a political example of how hype-driven projects can taint the wider field.

即使有這種逆轉，加林豪斯明確表示，大多數模因發射仍然是“獲得富裕的地毯拉力”，“對我們的行業中的人們試圖為真實的客戶建造真實的產品。”他列舉了美國參議員伊麗莎白·沃倫（Elizabeth Warren）對負面用例的關注，這是炒作驅動項目如何污染更廣泛領域的政治例子。

Pressed to nominate a single meme that captures crypto’s “chaos or brilliance,” Garlinghouse did not hesitate: “Doge. It is both the chaos and the brilliance.” Musk’s influence, he said, demonstrated how “liquidity begets liquidity,” underscoring the difficulty newcomers face in replicating Dogecoin’s network effects amid today’s “explosion” of imitators.

加林豪斯（Garlinghouse）被提名一個捕捉加密貨幣的“混亂或光彩”的單一模因，毫不猶豫地：“杜格。這既是混亂又是光彩。”他說，馬斯克的影響力證明了“流動性如何產生流動性”，這突顯了新移民在當今模仿者的“爆炸”中復制Dogecoin網絡效果時面臨的困難。

Long, for her part, maintained that even dubious tokens serve as experimental sandboxes that, over time, strengthen underlying blockchains. Garlinghouse ultimately stuck with his “overrated” verdict for meme coins as a category, yet his concession on Dogecoin—effectively elevating it from punchline to permanent fixture—marked a notable shift for the CEO of a company long positioned at the institutional end of the spectrum.

長期以來，她一直堅持認為，即使是可疑的代幣也是實驗性的沙箱，隨著時間的流逝，它可以增強潛在的區塊鏈。 Garlinghouse最終堅持了他對Meme Coins的“高估”判決，但他對Dogecoin的讓步（有效地將其從爆炸提升到永久性固定裝置）標誌著長期以來一直位於機構末端的公司首席執行官的明顯轉變。

At press time, Dogecoin traded at $0.201.

發稿時，Dogecoin的交易價格為0.201美元。