David Schwartz, the former Chief Technology Officer of Ripple, has again cautioned the XRP community against viewing memecoins as legitimate investments, saying he finds the idea unappealing.
The backlash started with a suggestion on X from a user asking Schwartz to publicly lead the FUZZY project. While he doesn’t want to discourage community involvement, Schwartz is hesitant because he fears being used to promote scams – his public support could be exploited by those trying to deceive others.
I do find the idea that people think of a memecoin as an investment to be distasteful.
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— David ‘JoelKatz’ Schwartz (@JoelKatz) May 18, 2026
David Schwartz acknowledged that memecoins, which inherently have no real value, rely solely on the hope that someone else will buy them for a profit. He stated that trying to create a legitimate investment strategy using these types of tokens is illogical.
Why wallet activity is not a token endorsement for Schwartz
Crypto fans carefully listen to everything David Schwartz says because of a recent issue with the FUZZY memecoin. The coin’s developer recently enabled a technical feature, which sparked widespread conspiracy theories among people who hold XRP.
Fans saw this as significant because the coin’s name reminded them of the original Fuzzybear wallet, which Ripple used when the network first launched in 2013. That wallet famously offered to trade 1 XRP for 1 Bitcoin as a joke. Some excited investors quickly assumed David Schwartz was directly involved with the new project.
Schwartz immediately dismissed any speculation about the token’s value. He clarified that adding it to a wallet was simply a standard technical procedure for network testing and didn’t imply any endorsement of the asset itself. He views FUZZY as just a fleeting internet trend and admits he knows very little about the project, just like most people.
According to Schwartz, memecoins are a legitimate form of online humor and digital culture. However, he’s both baffled and somewhat repulsed when people start treating them as serious investments.
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2026-05-18 12:05