Memecoin on the XRP Ledger surges strongly after XRP's rise
After the price of $XRP reached a 7-year high, the memecoin ecosystem on the XRP Ledger (XRPL) has recorded spectacular growth, attracting significant capital from other blockchains.
XRP leads the growth wave
The price of Ripple's XRP hit $2.87 on December 1, an increase of nearly 20% in 24 hours and the highest level since January 2018. The XRP craze has facilitated the outstanding development of memecoins on XRPL such as ARMY, BEAR, and Scrap.
The ARMY phenomenon
• ARMY, a memecoin inspired by the XRP Army community, has increased more than 100 times from a market cap of under $1 million on November 26 to over $98 million on December 1.
• An early investor has made over $100,000 in profit from an initial investment of $478 just 21 days ago. Currently, ARMY's market cap has decreased to $37 million, but investors are still profiting significantly.
BEAR and Scrap break through
• BEAR grew over 500%, reaching a market cap of $27 million, created to honor the famous figure Bearableguy123 in the XRP community.
• Scrap, another memecoin, surged 800% in 2 days, with a market cap of about $17 million, expected to become the “Raydium of XRP.”
Challenges and potential
Despite strong growth, the trading volume of memecoins on XRPL remains lower than that of blockchains like Solana. Some investors remain skeptical about the sustainability of this ecosystem, making them cautious when participating.
The XRP Ledger ecosystem is showing great appeal, but to compete with other platforms, XRPL needs to improve trading volume and alleviate skepticism from the community.