Another “meme” coin in the Ripple ecosystem, 589, has risen 100% in price over the past seven days. The asset’s market value has meanwhile reached $8 million. The asset is named after the target price for XRP.
The success of ARMY and the impressive growth of XRP have led to more memecoins appearing on the XRP Ledger (XRPL) network. The aforementioned tokens were created only a few weeks ago, when the price of Ripple’s native coin reached its highest point in six years.
The RIPPY asset, launched this week, recorded an unprecedented price increase of 22,825% at its peak.
“There will soon be a $1B+ memcoin on the XRP blockchain. XRP owners are just regular people like everyone else, it will definitely happen,” wrote on-chain analyst Tradinator in X