Ripple CTO David Schwartz recently expressed his admiration for the growing trend of meme coins on the XRP Ledger (XRPL).
Yesterday, the team behind the XRPL Meme Coin Drop (DROP) reached out to Mr. Schwartz and offered him a gift of DROP tokens as a token of appreciation for his contribution to the XRP Ledger blockchain. They requested his wallet address so they could send him DROP tokens.
Notably, Ripple’s CTO responded by sharing wallet information and saying, “I like this trend.”
end. I like this trend!
— David “JoelKatz” Schwartz (@JoelKatz) October 30, 2024
According to a screenshot later shared by the Drop team, 15 DROP tokens were sent to Schwartz. In a subsequent post, the team welcomed him to the “DROP Army.”
https://x.com/thecryptabasic
Meme coin trends in XRPL
The meme coin trend in the XRP ecosystem is rapidly expanding, and DROP has emerged as one of the fastest growing options. It can be traded on the First Ledger DEX and is worth 8.24 XRP, or approximately $4.29 per token.
However, this price reflects a notable drop of 13.35% over the past 24 hours. DROP has a supply of 989,000 tokens and a market cap of $4.24 million as of now. The token boasts 3,580 holders. In the past day, trading volume was 828,000 XRP (equivalent to approximately $430,000).
Five days ago, the DROP team celebrated reaching a market cap of $10 million, becoming the first meme coin to achieve this milestone on the First Ledger DEX. This is especially noteworthy for a meme coin that was launched just two weeks ago. The team originally targeted a market capitalization of $100 million, but has since seen a drop of more than 50%.
Currently, the BEAR meme coin holds the largest market capitalization on the First Ledger DEX, approximately $5 million, with 5,718 holders. This coin was launched just one week ago.
Meanwhile, XRPL’s main DEX, Magnetic X, also recently launched Memepad, a platform dedicated to meme coins.
Memepad aims to foster innovation within the meme coin space by allowing users to create and launch tokens on XRPL. After Memepad launched, over 70 new meme coins were introduced to the platform.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the personal opinions of the author and do not reflect the opinions of The Crypto Basic. We encourage our readers to conduct thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.
