XMEME, a fast-growing memecoin project on the XRP Ledger (XRPL), has printed a parabolic run after buying back and burning a significant part of its supply.
According to an update from the project’s official X handle, the team completed a total buyback of 44.2 million XMEME worth approximately 4,000 XRP at the time of the burn. Notably, burning the acquired XMEME has lent credence to the token’s plans to deflate its circulating supply.
HAPPY SUNDAY HAPPY BUYBACK HAPPY BURN ?????
December buyback just took place. A total of 44.2M coins worth ~4K XRP have been bought and immediately burned
The new $XMEME total supply is now even lower. 34.24B coins
Let’s continue our road to 1000X. Nothing will stop us.… pic.twitter.com/1SoIE6XV78
— XMEME COIN (@xmemecoinxrpl) December 3, 2023
As confirmed by XMEME, it currently has a total supply of 34.24 billion coins, a relatively fair quantity compared to other memecoins around.
XMEME Price Moves in Tandem
As a new token with a growing community and ecosystem, XMEME is notably on a parabolic run with the price notably at its All-Time High (ATH). Data from Magnetic DEX places the price of XMEME at 0.0002882 XRP or $0.0001825. As a result, the 44.2 million incinerated XMEME tokens are now worth 12,738 XRP.
According to community member Broke Broker, XMEME recorded an outstanding 15x growth after breaching the $0.0001 resistance point. The token is up 1,044% over the past week.
$XMEME update:
We did it again! We broke the big resistance at 0.0001 and headed for a 15x
I will choose 50x as the new target which is 0.0005
Currently we need 113k $XRP to reach that point!Do you think we will reach it? pic.twitter.com/Pk56fslj3p
— Broke broker (@green_broker) December 3, 2023
While the growth is significant, XMEME’s target is for the token to soar as high as 1000x shortly. However, whether it can achieve this remains to be seen.
XMEME already has a good headstart in its bid to achieve this milestone. As one of the pioneering meme coins on XRPL, the sentiment is positive, and the first-mover advantage might play a factor in its future ambitions.
As reported earlier by The Crypto Basic, XMEME is also getting a reasonable shoutout from top influencers within the XRP ecosystem, further helping to amplify its reach. While it might not have as much traction as other established meme coins like Floki and Shiba Inu (SHIB), the current performance shows XMEME is off to a good start.
XMEME also moved to third place as the most traded coin on XRPL.to.
BOOM ???????#XMEME IN THIRD PLACE https://t.co/8mLkX85Bbi #XRPL pic.twitter.com/4i6hq3FuxW
— ?? MackAttackXRP® ?? 66K-XRP-Followers (@MackAttackXRP) December 2, 2023
Utilities to Watch
Though XMEME started its journey as a fun token, the plan remains to grow bigger in the future. The team has teased plans to launch a Non-Fungible Token (NFT) collection shortly, adding to its utility.
The expectation of XMEME is growing by the day, especially now that it is ranked the second-biggest token on the XRP Ledger by trading volume according to xrpl.to.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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