Ripple CTO Embraces Meme Coin Trend on XRP Ledger

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The Ripple CTO, David Schwartz, has recently voiced that he is enjoying the growing trend of meme coins on the XRP Ledger (XRPL). Just yesterday, the XRPL meme coin, DROP’s team reached out to Schwartz, offering him to ‘DROP’ a little gift in his wallet as a thank you for creating the XRPL. They requested his wallet address so they could send him the DROP tokens.

Ripple CTO Likes The Trend

Strikingly, Ripple’s CTO agreed to it, stating that he “likes this trend.” As per a screenshot shared later by the Drop team, 15 DROP tokens were sent to Schwartz. In a following post, the team welcomed him to the DROP Army.

The meme coin trend in the XRP ecosystem is rapidly expanding, with DROP materializing as one of the fastest-growing options. Worth 8.24 XRP or approximately $4.29 per token, it is tradable on the First Ledger DEX 

However, the price reflects a notable decrease of 13.35% over the past 24 hours. With a supply of 989,000 tokens and a market cap currently at $4.24 million, the token has a massive army of 3,580 holders. Its trading volume in the past day was 828,000 XRP, equivalent to around $430,000.

Launched only two weeks ago, the DROP team recently celebrated reaching a market cap of $10 million, making it the first meme coin on the First Ledger DEX to achieve this milestone. While the team initially aimed a $100 million market cap, it has since seen a drop of over 50%.

XRPL Evolving Fast

The XRP Ledger (XRPL) is evolving fast, with one of its core amendments going live on-chain. Tagged as the DID amendment, this upgrade might be a game-changer in settling the complications around decentralized identities in Web3. Mayukha Vadari, a RippleX developer, has clarified what this means for the XRP Ledger.

XRPL Upgrades

Over the past year, XRP Ledger has received several updates, including those related to automated market maker (AMM) enhancements.

One of the most anticipated upgrades or product launches on the XRPL is the Ripple stablecoin RLUSD. While the exact timeline for the launch of RLUSD is not known, rigorous testing is underway, with millions of stablecoin minting, burning, and transfers registered in the past few months. 

XRP Price Action

While the cryptocurrency market is currently witnessing its latest upswing, largely led by Bitcoin’s push towards new all-time highs, most altcoins are riding the bullish wave. However, XRP stands out as one of the exceptions.  XRP has remained largely stagnant and is currently trading around $0.5184, down by over 0.5% in the past 24 hours.