Automated Market Makers (AMMs) on the XRP Ledger (XRPL) have seen a significant increase in volume, reaching a new record high of $3.9 million on October 27. This surge in volume was fueled by the introduction of a flood of meme cryptocurrencies on XRPL following the launch of First Ledger, a meme coin factory similar to Solana's Pump.fun platform. However, most of these micro-cap coins hold little actual value. So far, the leading meme coin on XRPL is DROP, with a market cap of just $6.92 million, while Dogecoin, the largest meme cryptocurrency, is valued at a staggering $20.2 billion. The rise of meme coins has injected some excitement into the XRP Ledger, but it remains to be seen if this trend will continue. Despite the popularity of meme coins, Ripple, the company behind XRPL, did not pursue this strategy, as it did not require additional funding. XRPL has also experienced an increase in AMM liquidity, mainly due to a rise in liquidity deposits, with MAG, the native token of the Magnetic project, having the top AMM pool on XPMarket.



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