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，该公司为开发商和合作伙伴举行的旗舰聚会，莫妮卡·朗（Monica Long）和首席执行官布拉德·加林豪斯（Brad Garlinghouse）上台进行了无脚本的壁炉架聊天舞台，该聊天迅速归功于该行业最两极分化的子行业之一：Meme Coins。在交流中，加林豪斯（Garlinghouse）承认，他曾经不再对狗狗币的解雇不再成立。会议始于主持人的二进制挑衅 - 最高的硬币，被高估还是被低估？长期以来，她以种子重要的基础设施（Walleters，Capital，Developer Mind-Share）的身份归功于她与以太坊自己的2016 - 2017年ICO激增相比。她说：“模因硬币产生了持久的影响。”

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首席执行官提供了他所谓的争论的“另一面”。他说：“我认为模因硬币通常被高估了。”他将其中的大多数人构建为“不可持续”的项目，这些项目会放大监管怀疑论。他将短期赌博冲动与他所说的波纹“长时间的弧线”方法形成鲜明对比。

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，当Garlinghouse重新审视Dogecoin时，谈话转向了他过去的嘲笑的目标。他承认：“对于那些遵循我的公开声明的人来说，我曾经对Dogecoin说话并不那么友善。” “我就像，狗狗币？从字面上创建了它是一个百灵鸟……这实际上是一堆徽标的狗屎。”

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.”

他解释说，他最初的反对意见是，被认为是模仿的资产不能可靠地代表一个行业求婚的机构资本：“如果我们试图与机构互动并在传统财务和分散的财务之间建立这些桥梁……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.”

改变了他的想法并不是对代币的基本面的新发现，而是埃隆·马斯克（Elon Musk）无情的倡导所构成的市场现实。 Ripple首席执行官承认：“在我同意莫妮卡（Monica）的同意，我认为我误会了，埃隆·马斯克（Elon Musk）愿意将狗狗币投入太多流动性，以至于没有消失。” “这是生态系统的一部分。它发挥了作用。”

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.

即使有这种逆转，加林豪斯明确表示，大多数模因发射仍然是“获得富裕的地毯拉力”，“这对我们业内人士的那些试图为真实的客户建造真实的产品。”他列举了美国参议员伊丽莎白·沃伦（Elizabeth Warren）对负面用例的关注，这是炒作驱动项目如何污染更广泛领域的政治例子。

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）被提名一个捕捉加密货币的“混乱或光彩”的单一模因，毫不犹豫地：“杜格。这既是混乱又是光彩。”他说，马斯克的影响力证明了“流动性如何产生流动性”，这突显了新移民在当今模仿者的“爆炸”中复制Dogecoin网络效果时面临的困难。

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.

长期以来，她一直坚持认为，即使是可疑的代币也是实验性的沙箱，随着时间的流逝，它可以增强潜在的区块链。 Garlinghouse最终坚持了他对Meme Coins的“高估”判决，但他对Dogecoin的让步（有效地将其从爆炸提升到永久性固定装置）标志着长期以来一直位于机构末端的公司首席执行官的明显转变。

At press time, Dogecoin traded at $0.201.

发稿时，Dogecoin的交易价格为0.201美元。