The XRP Ledger (XRPL) has achieved a significant milestone in its Automated Market Maker (AMM) activity. On October 27, the network recorded an impressive trading volume of $3.9 million, primarily driven by the recent surge in meme cryptocurrencies following the launch of First Ledger. First Ledger is a platform designed to imitate Solana’s popular Pump.fun and is known as the “meme coin factory.”
Although the influx of these tokens has generated excitement, many of these newly created cryptocurrencies lack intrinsic value. Currently, the DROP meme coin stands out with a market capitalization of $6.92 million, while other tokens like BEAR and FLIPPY follow with $3.66 million and $1.45 million, respectively. In comparison, Dogecoin, the most well-known meme cryptocurrency, has an astonishing market cap of $20.2 billion.
While the sustainability of this trend remains uncertain, it has undeniably sparked renewed interest in the XRPL. Ripple’s chief technology officer, David Schwartz, recently stated that although the company could have pursued a meme coin or an initial coin offering (ICO) for additional funding, it chose not to because it did not require more capital.
Meanwhile, AMM liquidity on the XRPL has experienced significant growth. The native token of the Magnetic project, MAG, has emerged as a leader in pool size on the XPMarket. Additionally, the DROP/XRP trading pair has become one of the largest AMM pools on the XRP Ledger.