The 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 Schwartz to offer him a gift of DROP tokens as a token of appreciation for his contributions to the XRP Ledger blockchain. They requested his wallet address so they could send him the DROP tokens.
Remarkably, Ripple’s CTO obliged, sharing his wallet information and stating that he “likes this trend.”
Done. I like this trend!
— David "JoelKatz" Schwartz (@JoelKatz) October 30, 2024
According to a screenshot shared later by the Drop team, 15 DROP tokens were sent to Schwartz. In a subsequent post, the team welcomed him to the “DROP Army.”
The Trend of Meme Coins on the XRPL
The trend of meme coins in the XRP ecosystem is rapidly expanding, with DROP emerging as one of the fastest-growing options. It is tradable on the First Ledger DEX and is worth 8.24 XRP or approximately $4.29 per token.
However, this price reflects a notable decrease of 13.35% over the past 24 hours. DROP has a supply of 989,000 tokens and a market cap currently at $4.24 million. The token boasts an army of 3,580 holders. It recorded a trading volume of 828,000 XRP in the past day, equivalent to around $430,000.
Five days ago, the DROP team celebrated reaching a market cap of $10 million, making it the first meme coin on the First Ledger DEX to achieve this milestone. This is particularly noteworthy for the meme coin, as it launched only two weeks ago. While the team initially aimed for a market cap of $100 million, it has since seen a decline of over 50%.
Currently, the BEAR meme coin holds the largest market cap on the First Ledger DEX, approximately $5 million, with 5,718 holders. This coin launched just a week ago.
In the meantime, Magnetic X, a leading DEX on the XRPL, 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 their tokens on the XRPL. Following the launch of Memepad, over 70 new meme coins were introduced on the platform.