As a seasoned crypto investor with a knack for spotting trends, I find myself intrigued by the meme coin frenzy sweeping across the XRPL ecosystem. The recent surge in AMM volume is indeed impressive, reminding me of the early days of Bitcoin when every new coin seemed like the next big thing.
Automated Market Makers (AMMs) have experienced an “extreme” increase in volume.
On Oct. 27, XRPL recorded a total of $3.9 million in AMM volume, which is a new record high.
The massive spike in volume was caused by a flood of meme cryptocurrencies.
As an analyst, I’ve noticed a surge of micro-cap tokens appearing on the XRPL marketplace post the introduction of First Ledger, a platform analogous to Solana’s popular Pump.fun, functioning as a “meme coin factory.” However, the overwhelming majority of these newcomers hold little to no value.
Currently, DROP meme coin is dominating the scene with a market capitalization of approximately 6.92 million dollars. Following closely are BEAR and FLIPPY, holding 3.66 million and 1.45 million dollars in market cap respectively.
For comparison, Dogecoin, the largest meme cryptocurrency, is worth a whopping $20.2 billion.
There’s uncertainty about whether the popularity of meme coins will continue, but without a doubt, it has added vigor to the XRP Ledger.
From a researcher’s perspective, as I delve deeper into the world of cryptocurrency, I find myself reflecting on Ripple‘s strategic choices. As reported by U.Today, David Schwartz, Ripple’s Chief Technology Officer, hinted that the company could have amassed significant wealth by joining the meme coin or Initial Coin Offering (ICO) bandwagon. Yet, the company refrained from this path because it didn’t necessitate additional funding, a resource Ripple already had in abundance.
The top AMMs by liquidity
As reported by CryptoQuant, the XRPL network has seen significant expansion in Automated Market Maker (AMM) liquidity. This growth can primarily be linked back to a rise in liquidity contributions.
MAG, the native token of the Magnetic project, has the number one AMM pool on XPMarket.
Notably, DROP/XRP is among the largest AMMs on the XRP Ledger.
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2024-10-27 11:28