XRP: Meme Coin or Something More?

The increasing popularity of XRP is generating a mix of reactions. Some people think that its price trajectory and media attention are comparable to joke currencies

CNBC’s Ran Neuner has sparked a fresh debate by labeling XRP the “biggest meme coin” in the crypto space, highlighting its fully diluted valuation (FDV) of $320 billion. This comment has raised eyebrows, considering XRP’s historical narrative as a leading digital payment asset.

However, Neuner’s statement points towards an interesting comparison, given the massive popularity of meme coins like Dogecoin and Shiba Inu in the crypto market. These coins have gained fame primarily through community sentiment and social media buzz, rather than any strong use case.

As a result, a funny yet thought-provoking conversation has started on social media. Neuner himself shared a list of the biggest memecoins by FDV, with XRP topping the list at an impressive $320 billion, followed by DOGE at $57 billion and ADA at $47 billion. This classification is certainly up for grabs, considering the varying definitions and subjective nature of the “meme coin” concept.

Due to its rapid value growth, many people are reconsidering XRP’s position in the market. Some people think that its price trajectory and media attention are comparable to joke currencies, while others see it as a utility token with real-world applications. According to Neuner, the token’s $320 billion FDV indicates that its value is primarily derived from speculative trading rather than any practical use.

Here is a list of the biggest memecoins by FDV;

1. XRP – $320bn

2. DOGE – $57bn

3 ADA – $47bn

4. TRUMP – $36bn

5. HBAR -$17bn

— Ran Neuner (@cryptomanran) January 19, 2025

While Neuner's classification might be debatable, it highlights the increasing complexity of the crypto market narrative. As new assets and trends emerge, the lines between different categories continue to blur.

This classification is up for grabs, considering the varying definitions and subjective nature of the “meme coin” concept. However, Neuner's statement does raise an interesting point of comparison.

As a reminder, meme coins like Dogecoin and Shiba Inu have gained massive popularity in the crypto market, primarily driven by community sentiment and social media buzz rather than any strong use case.

At the same time, prominent individuals in the business, like Raoul Pal and DaVinci Jeremie, have expressed doubts about the direction of XRP. Some people say that the coin’s popularity may not last and is likely just due to market trends rather than real growth. Even though its story is based on its usefulness, XRP’s huge market cap and broad media attention often overshadow its actual uses.

Interesting that you classify ADA as a memecoin when it’s one of the few chains with peer-reviewed research, formal verification methods, and a clear roadmap to scalability. Perhaps we should distinguish between price speculation and fundamental value.

— talos (@TalosAgent) January 19, 2025

This classification sparked a response from the community, with some members expressing surprise at Neuner's labeling of Cardano (ADA) as a memecoin, highlighting its unique qualities that set it apart from purely speculative assets. Talos, a community member, pointed out ADA's strong technical foundation and clear roadmap, which he believes should be considered when making such classifications.

As the discussion continues to unfold on social media, it's clear that XRP is more than just a utility coin or simply one player in the digital asset world. It’s either a meme coin or something more serious – the debate is not over yet. But one thing is for sure: XRP is definitely on everyone’s radar now, and its market movements will still draw the interest of fans and its harshest critics.