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Crypto News > Blog > News > XRP-Based Memecoins, Like ARMY, Are Exploding in Popularity | Keynote
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XRP-Based Memecoins, Like ARMY, Are Exploding in Popularity | Keynote

Crypto
Last updated: 2024/12/03 at 7:37 PM
Crypto Published December 3, 2024
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XRP-Based Memecoins, Like ARMY, Are Exploding in Popularity
 | Keynote
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Contents
In summaryDaily Debrief NewsletterCrypto Keynote USA

In summary

  • XRP surged 92% in seven days, boosting memecoins like ARMY on the XRPL network, with massive percentage gains.
  • ARMY reached a capitalization of $90M from less than $1M, attracting Ethereum and Solana traders with specific guides and tools.
  • Although XRP surpassed Tether in capitalization, the volume of XRPL memecoins is still lower than that of blockchains such as Solana and Ethereum.

XRP is up 92% in the last seven days, and memecoins on the XRP Ledger (XRPL) network are seeing even bigger percentage gains as the ecosystem attracts users from other blockchains.

The push is led by an 18-month-old memecoin called ARMY — a reference to the so-called “XRP Army” of investors and enthusiastic followers — which jumped from a market cap of less than $1 million on Nov. 26 to more than $90 million on Sunday, although it has since dropped to about $47 million as of this writing.

The massive move has marked significant gains for early ARMY traders, one of whom has recognized more than $100,000 in profits with $400,000 in unrealized gains, starting from a purchase of just $478 just 21 days ago, according to DEX Screener.

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Other tokens such as BEAR and MAG have also jumped in multiples, rising to join ARMY in the top 10 XRP Ledger meme coins by market cap, each with a market cap just under $30 million at the time of writing this.

Traders’ substantial profits have attracted the attention of crypto personalities in other major ecosystems such as Solana and Ethereum, with some users offering tutorials to help people get started.

Such posts have directed users to trading tools such as the Telegram-based trading bot FirstLedger, the XRP Xaman wallet, and Magnetic X, a decentralized exchange (DEX) on XRPL.

I can’t believe I’m asking this, but what meme coins do I buy on xrp

— gainzy (@gainzy222) December 1, 2024

Although the ecosystem and its tools are gaining greater adoption, the volume in Ripple memecoins still pales in comparison to that of memecoins traded on other blockchains. For example, ARMY traded close to $10 million in the last 24 hours, while 34 tokens achieved this feat on Solana, according to DEX Screener.

The newness of the memecoin trading infrastructure on the XRP Ledger, coupled with skepticism about the permanence of a potentially overheated ecosystem, has led others to take a stand against trading.

I refuse to buy meme coins on Ripple.

It’s too much, even for a degen like me… Too much!

— Noodles (@criptopaul) December 1, 2024

“I refuse to trade Ripple memecoins,” said renowned Cryptocurrency enthusiast Noodles on X. “It’s too much even for a degen like me.”

The Ripple-pegged XRP token surpassed Tether to become the third-largest cryptocurrency by market capitalization over the weekend. The move coincides with speculation over XRP exchange-traded funds (ETFs) and expectations for greater regulatory clarity.

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Edited by Andrew Hayward

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