Ripple’s Chief Technology Officer, David Schwartz, is enjoying the rising trend of meme coins on the XRP Ledger (XRPL). Recently, the team behind the popular meme coin DROP reached out to Schwartz, offering a small gift of DROP tokens to thank him for his work on the ledger. They requested his wallet address to send the tokens as a token of appreciation.
In an unexpected response, Schwartz accepted the offer, stating that he “likes this trend.” A screenshot later shared by the DROP team confirmed that 15 DROP tokens were sent to Schwartz’s wallet. The team then welcomed him to the “DROP Army,” a growing community supporting the meme coin’s rise on the XRPL.
The meme coin trend on XRPL is quickly expanding, with DROP emerging as one of the fastest-growing options. Currently valued at 8.24 XRP (approximately $4.29) per token, it is tradable on the First Ledger DEX. However, the price has decreased by 13.35% in the past 24 hours.
With a supply of 989,000 tokens and a market cap of $4.24 million, DROP boasts a strong community of 3,580 holders. Over the past day, the token saw a trading volume of 828,000 XRP, equivalent to around $430,000.
Launched just two weeks ago, the DROP team recently celebrated reaching a market cap of $10 million, making it the first meme coin on the First Ledger DEX to achieve this milestone. Although the team initially aimed for a $100 million market cap, the token has since seen a drop of over 50%.
The XRP Ledger (XRPL) is evolving fast, with one of its core amendments going live on-chain. Tagged as the DID amendment, this upgrade might be a game-changer in settling the complications around decentralized identities in Web3. Mayukha Vadari, a RippleX developer, has clarified what this means for the XRP Ledger.
Did You Check Out These Upgrades?
Over the past year, XRP Ledger has received several updates, including those related to automated market maker (AMM) enhancements.
One of the most anticipated upgrades or product launches on the XRPL is the Ripple stablecoin RLUSD. While the exact timeline for the launch of RLUSD is not known, rigorous testing is underway, with millions of stablecoin minting, burning, and transfers registered in the past few months.
As the cryptocurrency market rallies, led by Bitcoin’s surge toward new highs, many altcoins are also experiencing a bullish wave. However, XRP has struggled to keep pace, currently trading at approximately $0.5184 and down by over 0.5% in the last 24 hours. This makes XRP a notable exception amid the market’s current upswing.
These new developments on the XRP Ledger, alongside XRP’s market position, suggest exciting times ahead.
What are your thoughts on the meme coin boom on the XRPL? Do you think DROP has what it takes to stand out in the crowd?
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