Ripple's RLUSD Flips BONK as Crypto Consolidation Deepens
Ripple USD (RLUSD), a stablecoin pegged to the U.S. dollar, has surpassed the BONK meme coin in market capitalization and trading volume, becoming the 69th largest cryptocurrency. RLUSD's market cap is $1.02 billion, compared to BONK's $1.01 billion, and its 24-hour trading volume surged 61.39% to $146.09 million. BONK, a Solana-based meme coin with a circulation of 82 trillion tokens, has experienced a 5.4% price decline. RLUSD's growth is attributed to adoption by retail and institutional investors, partnerships such as one with Mastercard for blockchain-based settlements, and its backing reserve of $773.6 million, as per Deloitte. Unlike BONK, RLUSD is recognized for its stability and utility in the crypto ecosystem.
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Ripple USD Surpasses BONK in Key Metrics
Ripple USD (RLUSD) stablecoin has surpassed the BONK meme coin in key metrics, such as market capitalization and trading volume. According to CoinMarketCap data, RLUSD is now ranked the 69th biggest cryptocurrency by market capitalization, pushing BONK to the 70th position.
RLUSD vs BONK: Market Capitalization and Trading Volume
RLUSD, a stablecoin pegged 1:1 to the U.S. dollar, currently has a market capitalization of $1.02 billion. On the other hand, BONK has a market capitalization of $1.01 billion, making it the 70th biggest cryptocurrency in the rankings.
In terms of trading volume, RLUSD also outperformed BONK. Over the past 24 hours, RLUSD's trading volume surged 61.39% to $146.09 million, whereas BONK's trading volume increased by 23% to $145.6 million.
BONK's Struggles and Decline
BONK is a Solana-based meme coin with a circulating supply of 82 trillion tokens. It gained popularity for its community-driven airdrops and speculative appeal. However, over the past 24 hours, BONK's price declined more than 5.4%, which has negatively impacted its market capitalization. This underperformance has been a key factor contributing to BONK’s recent struggles.
Why RLUSD Outperformed BONK
In contrast to BONK, RLUSD has gained increased adoption from both retail and institutional investors. Developed by Ripple, RLUSD is designed for reliability and blockchain efficiency. Its price stability has made it an attractive store of value, especially amid the volatility of meme coins like BONK.
Milestones Achieved by RLUSD in November
RLUSD has reached significant milestones this November. According to a U.Today report, RLUSD officially crossed the $1 billion market capitalization mark on Nov. 3, 2023. This growth was driven by increased adoption among retail and institutional investors. For example, Ripple’s collaboration with Mastercard enhanced the stablecoin's credibility and adoption, allowing it to attract capital from traditional finance.
Ripple's Strategic Partnerships and RLUSD Reserves
Ripple's partnership with Mastercard aims to introduce blockchain-based settlements for credit card transactions using RLUSD, which is issued on the XRP Ledger. Furthermore, a Deloitte & Touche LLP report revealed that RLUSD’s reserves reached a value of $773.6 million, signaling substantial progress for the stablecoin despite being in the crypto space for less than 12 months.