Ripple CTO David Schwartz recently expressed his excitement about the growing trend of meme coins on the XRP Ledger (XRPL).
Yesterday, the team behind the XRPL Drop (DROP) meme coin reached out to Schwartz to offer him DROP tokens as a gift in appreciation for his contributions to the XRP Ledger blockchain. They asked for his wallet address so they could send him DROP tokens. Ripple’s CTO agreed, sharing his wallet information and stating that he “likes this trend.”
According to a screenshot later published by the Drop team, Schwartz was sent 15 DROP tokens. In a subsequent post, the team welcomed him to the “DROP army.”
Meme Coin Trend on XRPL
The meme coin trend in the XRP ecosystem is rapidly expanding, with DROP emerging as one of the fastest growing options. It is listed on the First Ledger DEX and is priced at 8.24 XRP, or about $4.29 per token.
However, this price reflects a significant decline of 13.35% in the last 24 hours. DROP has a supply of 989,000 tokens and a current market cap of $4.24 million. The token boasts an army of 3,580 holders. Over the last day, it has recorded a trading volume of 828,000 XRP, equivalent to about $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 reach this milestone. This is especially notable for the meme coin, as it was launched just two weeks ago. While the team was initially aiming for a market cap of $100 million, it has since dropped by more than 50%.
Currently, the meme coin BEAR has the largest market cap on First Ledger DEX, at around $5 million, with 5,718 holders. This coin was launched just a week ago.
Meanwhile, Magnetic X, the leading DEX on XRPL, also recently launched Memepad, a platform dedicated to meme coins.
Memepad aims to drive innovation in the meme coin space by allowing users to create and launch their tokens on XRPL. Since Memepad’s launch, over 70 new meme coins have been introduced to the platform.
