XRP has seen a massive surge in value, increasing by over 439% in the past month and 86% in the last week to reach $2.70, its highest level since 2018. This growth has positioned XRP as the third-largest cryptocurrency by market capitalization, surpassing Tether. Its rise has been attributed to growing regulatory clarity and speculation about future XRP-focused investment products.
Meme coins, in contrast, are struggling, with leading names like Dogecoin, Shiba Inu and Pepe experiencing significant drops. Dogecoin, for instance, has fallen by 8% to $0.42. Other meme coins such as Dogwifhat and Floki have decreased by 7.4% and 4.2%, respectively. Ethereum-based Pepe has dropped by 9%, while Popcat has seen a 5% decline. Despite these losses, the meme coin sector remains a space for speculative investments, with traders anticipating opportunities in the coming months.
On the XRP Ledger, meme coins have been gaining traction. ARMY, a token inspired by the XRP Army community, saw its market capitalization jump from less than $1 million to over $90 million within a few days. Although it later dropped to $47 million, early investors have made significant profits; one trader turned a $478 investment into over $100,000. Other XRP-based meme coins like BEAR and MAG have also performed well, each nearing $30 million in market capitalization.
Despite these developments, meme coins on the XRP Ledger still lag behind those on blockchains like Solana in terms of trading volume. For instance, ARMY’s 24-hour trading volume reached nearly $10 million, but Solana has over 30 tokens achieving similar activity levels. XRP Ledger’s relatively new trading infrastructure and skepticism surrounding meme coins have slowed further adoption. However, platforms like Magnetic X and FirstLedger are helping attract traders from other ecosystems to XRP-based projects.
Hedera (HBAR) has also shown remarkable growth, rising 755% in the past month to hit a three-year high of $0.38. Ripple’s ongoing legal developments and increasing clarity in the regulatory landscape have further boosted XRP and Hedera’s performance.
The broader appeal of meme coins is largely tied to social media’s influence on the cryptocurrency market. Recent successes, like that of CHILLGUY, highlight the potential of new projects, but caution remains. Many investors are wary of overvaluation and the speculative nature of these tokens, particularly as the XRP Ledger ecosystem continues to evolve. While these trendy coins offer opportunities, risks remain for those entering the market.
