Ripple DeFi Ecosystem Surges

The Ripple army has been deployed into the memecoin trenches. Due to the massive price appreciation of XRP, activity on the XRP Ledger blockchain is picking up.

The action was led by the ARMY memecoin, which rallied as much as 1800% to a $150 million market capitalization, from just a $7 million market capitalization in less than 48 hours. The token has since retraced from its all-time high and trades at a $95 million valuation.

DeFi tokens on XRPL are also experiencing an uptick. MAG, the native token of the Magnetic decentralized exchange (DEX) and launchpad on XRPL, is up by over 350% over the week to a $12 million valuation.

Prior to the frenzy, Wisdom Tree, an investment firm with over $100 million in assets under management (AUM), filed for an XRP ETF on Nov 25. XRP is up 80% since the filing and 400% in the last month.

“Observations after a weekend in the Ripple trenches: Ripple memecoins are nascent, and trail far behind Solana et al in adoption. DeFi/"web3" infrastructure is decent; so far, low TVL AMMs that work pretty well,” said Robert Leshner of SuperState.