Jeff Dorman, chief investment officer of crypto asset management firm Arca, has opined that the Ripple-linked XRP cryptocurrency actually has no use case despite being one of the biggest stablecoins.
In fact, Dorman has disparagingly described the controversial altcoin as a "meme coin."
However, the social value associated with the cryptocurrency has become so large that XRP may add utility to Ripple USD (RLUSD), the stablecoin introduced in March, and financial value, such as making acquisitions.
As reported by U.Today, Bitwise President Teddy Fusaro argued that Ripple could buy a lot of companies with its massive XRP holdings that are currently worth more than $90 billion.
Dorman claims that qualifying social value is "impossible," even though it is definitely real.
"Social value is real, but quantifying that value is impossible. Utility value is a little easier to measure, but still hard. When a token is useful, you can estimate how much it's worth to use, and therefore estimate demand," he said.
Vladislav Sopov
Dan Burgin