- XRP’s rise could lead to more meme tokens being listed on major platforms.
- Higher XRP prices could reduce rug pulls, focusing meme coins on utility.
- Uphold’s strict token listing process ensures safer meme coin investments.
XRP has started to exhibit a steady relationship with meme tokens, raising concern of whether the tokens might eventually be listed on major platforms. Meme coins are becoming increasingly relevant as the world of cryptocurrencies.
In particular, XRP’s role in enabling meme coin creation is becoming more evident. This has led to speculation about the potential for meme tokens to be listed on well-established exchanges like Uphold. This shift could transform the meme coin space and enhance its legitimacy.
Uphold’s Approach to Meme Tokens
Uphold, a well-known exchange, has been at the forefront of listing meme tokens. Nancy Beaton, President of Uphold U.S., recently shared insights into their approach. According to Beaton, Uphold has a detailed process for token listings.
The exchange actively seeks out new tokens and also allows creators to submit their projects for review. However, not all tokens make it. Beaton revealed that only about 30% of the tokens reviewed are approved for listing.
This filtering process is critical for Uphold, as they aim to offer users safe and reliable options. In light of the recent surge in meme coins, Beaton encouraged creators to reach out to Uphold to begin the due diligence process. This move could eventually pave the way for even more meme tokens to be available to a broader audience.
The Potential Impact of XRP’s Price on Meme Coin Launches
As the meme coins trend picks up, more meme coin creators are considering XRP as a platform to host the tokens. The rationale here is the costs involved in migrating a coin on XRP as compared to other blockchains like Solana.
Currently, launching a meme token on XRP requires 123 XRP, or approximately $300 at today’s price of $2.44 per XRP. However, as XRP’s price rises, the cost to launch a token will increase dramatically. Notably, the token has gained 5.915 over the past 24 hours.
At a $10 price point for XRP, launching a meme coin would cost around $1,230. This higher barrier to entry could result in a significant shift in the quality of tokens being launched.
While it may still lead to some low-quality projects, the price increase would likely reduce the number of rug pulls, which have plagued platforms like Solana. As there are fewer cheap coins to flood the market, meme coin creators will have better incentive to push for utility and innovation.