The as the third largest cryptocurrency by market capitalization. surpassing Tether. Its rise has been attributed to increasing regulatory clarity and speculation about future XRP-focused investment products.
Meme coins, on the other hand, are struggling, with top names like Dogecoin, Shiba Inu, and Pepe seeing significant declines. Dogecoin, for example, fell 8% to $0.42. Other meme coins such as Dogwifhat and Floki declined by 7.4% and 4.2% respectively. Ethereum-based Pepe fell 9%, while Popcat saw a 5% decline. Despite these losses, the meme coin sector remains a speculative investment space, with traders anticipating opportunities in the coming months.
On the XRP Ledger, meme coins have gained ground. ARMY, a token inspired by the XRP Army community, saw its market capitalization increase from less than $1 million to over $90 million in a matter of days. Although it later fell to $47 million, early investors 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 approaching $30 million in market cap.
Despite these developments, meme coins on the XRP Ledger still lag behind those on blockchains like Solana in terms of trading volume. For example, ARMY’s 24-hour trading volume reached almost $10 million, but Solana has more than 30 tokens reaching similar activity levels. XRP Ledger’s relatively new trading infrastructure and skepticism surrounding meme coins have slowed their adoption. However, platforms like Magnetic X and FirstLedger are helping to attract traders from other ecosystems to XRP-based projects.
Hedera (HBAR) has also shown remarkable growth, rising 755% over the past month to reach a three-year high of $0.38. Ripple’s ongoing legal developments and increasing clarity in the regulatory landscape have further improved the performance of XRP and Hedera.
The broader appeal of meme coins is largely linked to the influence of social media on the cryptocurrency market. Recent successes, like that of CHILLGUY, highlight the potential of new projects, but caution remains. Many investors are wary of the overvaluation and speculative nature of these tokens, especially as the XRP Ledger ecosystem continues to evolve. While these fashionable pieces offer opportunities, risks remain for those entering the market.