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- The recent launch of First Ledger is reported to have contributed to the highest single-day new token issuance of 213 on the XRP Ledger (XRPL), dwarfing the October 2021 record high.
- 1,564 new tokens have so far been created in the last eight days with only four of them surpassing a market cap of $1 million.
According to data from the analytical platform Santiment, XRP Ledger (XRPL) recorded a historic milestone on October 17 after issuing 213 new tokens in a single day. To put this achievement into perspective, the recorded figure is almost three times the previous all-time high of 74 new tokens issued in a single day in October 2021.
According to historical data, daily token issuance barely surpassed 40 since the previous record high. On July 21, 2022, for instance, 31 tokens were issued, and 32 were issued on November 24, 2022.
In the previous high, there was a massive interest in assets based on the XRPL. Meanwhile, analysts believe that the latest record was largely influenced by the launch of the First Ledger platform. In just eight days after launch, the protocol influenced a whopping 1,564 new tokens to be created. Meanwhile, only four of them have achieved a market cap above $1 million.
According to the data available on the First Ledger website, DROP has a market cap of $2.81 million, followed by GOAT ($2.06 million), BEAR ($1.51 million), and SCRAP ($1.45 million). In total, about 15,023 tokens are now available on the XRPL with only 203 of them having a market cap of more than $2000.
What is the First Ledger Platform
The First Ledger platform was created by an open-source contributor known as Adam. According to reports, the platform was created to operate as Pump.fun on Solana and SunPump on Tron.
For easy access and minimal friction, First Ledger was integrated into Telegram. Fascinatingly, it has massively been embraced with its incredible adoption evident in the staggering new token creation. XRPL decentralized UNL (dUNL) validator VET alleges that the existing figure could even be higher than recorded. According to him, Santiment data lags behind real-time growth on the Ledger.
The data is lacking behind and is actually many times higher now than the last data point recorded on Santiment – October 17th.— Vet 🏴☠️ (@Vet_X0) October 24, 2024
Another impact of this protocol on the XRPL is its influence on the Automated Market Maker (AMM) pools. As claimed by VET, users of the First Ledger created 66% of all AMM pools on the XRPL within the last seven days.
XRP Price Analysis
According to crypto analyst Egrag Crypto, these incredible numbers on XRPL could influence XRP price growth considering how the asset has recorded an impressive surge of 3,300% and 700% at different times.
Per his prediction, the asset could target $6.4 and $27 in the first quarter of 2025 to align with important Fib targets (Fib 1.618 from the 2017 and 2021 measured moves). This coincides with our recent analysis of XRP replicating the 2017 bullish run.
I know 95% of the XRPArmy is feeling exhausted from the ongoing SEC manipulation and the appeals process, which has been overwhelming due to misleading submissions and numerous delays. But forget all of that noise! The real focus should be on the chart, cycle duration, and overall liquidity—that’s what truly matters.
At press time, XRP was trading at $0.5261 after declining by 4.8% in the last seven days.
