Ripple CTO Embraces DROP Meme Coin Trend on XRP Ledger
The post Ripple CTO Embraces DROP Meme Coin Trend on XRP Ledger appeared first on Coinpedia Fintech News
Ripple’s Chief Technology Officer, David Schwartz, is enjoying the rising trend of meme coins on the XRP Ledger (XRPL). Recently, the team behind the popular meme coin DROP reached out to Schwartz, offering a small gift of DROP tokens to thank him for his work on the ledger. They requested his wallet address to send the tokens as a token of appreciation.
Done. I like this trend!
— David "JoelKatz" Schwartz (@JoelKatz) October 30, 2024In an unexpected response, Schwartz accepted the offer, stating that he “likes this trend.” A screenshot later shared by the DROP team confirmed that 15 DROP tokens were sent to Schwartz’s wallet. The team then welcomed him to the “DROP Army,” a growing community supporting the meme coin’s rise on the XRPL.
DROP Gains MomentumThe meme coin trend on XRPL is quickly expanding, with DROP emerging as one of the fastest-growing options. Currently valued at 8.24 XRP (approximately $4.29) per token, it is tradable on the First Ledger DEX. However, the price has decreased by 13.35% in the past 24 hours.
With a supply of 989,000 tokens and a market cap of $4.24 million, DROP boasts a strong community of 3,580 holders. Over the past day, the token saw a trading volume of 828,000 XRP, equivalent to around $430,000.
Launched just 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. Although the team initially aimed for a $100 million market cap, the token has since seen a drop of over 50%.
XRPL’s Latest DevelopmentsThe 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.
The #XRPL DID amendment goes live today! DIDs (Decentralized Identifiers) in web3 can be pretty confusing, when looking into how they work. Here’s an explainer for XLS-40 and DID on the #XRPL!