The recent launch of First Ledger is reported to be the highest number of new tokens issued in a single day on the XRP Ledger (XRPL) at 213, dwarfing the previous record set in October 2021. 1,564 new tokens have been created so far in the last eight days, but only four of them have exceeded the $1 million market cap.
The XRP Ledger (XRPL) hit a historic milestone on October 17 by issuing 213 new tokens in one day, according to data from analytics platform Santiment. To put this achievement into perspective, this recorded figure is almost triple the previous record of 74 new tokens issued in a single day in October 2021.
According to historical data, the number of daily token issuances has barely exceeded 40 from the previous high. For example, on July 21, 2022, 31 tokens were issued, and on November 24, 2022, 32 tokens were issued.
At the previous high, there was a lot of interest in assets based on XRPL. Meanwhile, analysts believe that the latest record was largely influenced by the launch of the First Ledger platform. The protocol influenced the creation of a whopping 1,564 new tokens in just eight days after its launch. Meanwhile, only four of them had market capitalizations above $1 million.
According to data available on the First Ledger website, DROP has a market capitalization of $2.81 million, followed by GOAT ($2.06 million), BEAR ($1.51 million), and SCRAP ($1.45 million). Currently, a total of approximately 15,023 tokens are available on XRPL, but only 203 of them have a market capitalization above $2000.
What is the first ledger platform?
The First Ledger platform was created by an open source contributor known as Adam. According to the report, the platform was created to run as Pump.fun on Solana and SunPump on Tron.
For easy access and minimal hassle, First Ledger has been integrated with Telegram. Interestingly, it has been massively accepted with incredible adoption evident in the creation of incredible new tokens. XRPL decentralized UNL (dUNL) validator VET claims that existing numbers could even surpass records. He said Santiment data has lagged behind real-time growth on Ledger.
Data is scarce and in fact is currently many times higher than the last data point recorded in Santiment (October 17th). — Veterinarian 🏴☠️ (@Vet_X0) October 24, 2024
Another impact of this protocol on XRPL is its impact on Automated Market Maker (AMM) pools. As VET claims, First Ledger users have created 66% of all AMM pools on XRPL in the past seven days.
XRP price analysis
According to cryptocurrency analyst Egrag Crypto, these surprising numbers regarding XRPL could have an impact on the growth of XRP price, considering that the asset has recorded impressive spikes of 3,300% and 700% at different times. may give.
Source: EGRAG CRYPTO on X
According to his forecast, the asset could target $6.4 and $27 in the first quarter of 2025, in line with key Fib targets (Fib 1.618 from 2017 and 2021 readings). be. This is consistent with recent analysis of XRP, which replicates the bullish run of 2017.
I know that 95% of the XRPArmy feels exhausted by the ongoing SEC operations and the appellate process, which is overwhelmed by misleading filings and numerous delays. But forget all that noise! The real focus is on the chart, cycle period, and overall liquidity. That’s what really matters.
At the time of writing, XRP was trading at $0.5261 after declining 4.8% over the past seven days.
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