The XRP Ledger (XRPL) community recently observed the burning of 10,000 DROP tokens on the network, leading to speculation about its purpose. The transaction occurred on October 18 and was discovered by XRPScan, an XRPL explorer. The burn of DROP tokens was seen as intentional by some, including Thomas Silkjaer from Inclusive Financial Technology Foundation. DROP is an XRPL-based memecoin hosted on First Ledger, and its market value has decreased from $10 million to $5.01 million. First Ledger believes that the launch of memecoins on XRPL can boost the burning of XRP and potentially increase its price. So far, 12,964,929 XRP have been burned using XRPL transaction fees.



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