Ripple CTO David Schwartz has expressed enthusiasm for the rise of meme coins on the XRP Ledger (XRPL). He responded to the team behind Drop (DROP), a popular XRPL meme coin, who offered him a token of appreciation. They requested his wallet address to send him the tokens, and Schwartz obliged, sharing his information. His response showed clear support as he commented that he “likes this trend.”
Drop Team Welcomes Ripple CTO
Following Schwartz’s response, the Drop team sent him 15 DROP tokens, welcoming him to the “DROP Army.” The excitement around XRPL meme coins is rising, with DROP among the most popular.
Related article: Ripple CTO Discusses SEC Appeal and Potential Filing Error
Currently, DROP is trading on the First Ledger decentralized exchange (DEX) and is valued at 8.24 XRP, approximately $4.29 per token. However, it has seen a price dip of 13.35% in the past 24 hours. DROP has a circulating supply of 989,000 tokens and a market cap of $4.24 million, with a following of 3,580 holders and a trading volume of 828,000 XRP over the past day, equivalent to roughly $430,000.
DROP’s Rapid Rise and Market Cap Milestones
The DROP team recently celebrated a milestone, achieving a $10 million market cap, making it the first meme coin on the First Ledger DEX to reach that level. This accomplishment is notable as DROP launched only two weeks ago. Initially, the team aimed to hit a $100 million market cap, but the coin’s value has since dropped over 50%.
Related article: Ripple CTO Debunks Craig Wright’s Claims About Bitcoin Partnerships
While DROP is fast-growing, BEAR currently leads in market cap among XRPL meme coins on the First Ledger DEX at roughly $5 million, with 5,718 holders since launching a week ago. Moreover, the XRPL meme coin trend continues, fueled by Memepad’s launch on Magnetic X, a major XRPL DEX. Memepad supports meme coin creation and launches, driving innovation in this space.
Since its release, Memepad has seen over 70 new meme coins debut on the XRPL, adding to the rapid expansion of meme coins on the ledger. Schwartz’s endorsement marks a key moment, signaling growing recognition for meme coins within the XRPL community.
