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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.
RLUSD flips BONK in market cap ranking
RLUSD, a stablecoin pegged 1:1 to the U.S. dollar, currently has a market capitalization of $1.02 billion. BONK, on the other hand, has a market capitalization of $1.01 billion, making it the 70th biggest crypto in the coin market ranking.
Besides market cap, RLUSD also displaced the BONK meme in trading volume. In the past 24 hours, the RLUSD trading volume surged 61.39% to $146.09 million. In a similar move, the BONK trading volume jumped 23 % to $145.6 million.
BONK is a Solana-based meme coin with a circulating supply of 82 trillion tokens. The meme coin is known for its community-driven airdrop and speculative appeal.
The meme token has seen a more than 5.4% price decline over the past 24 hours and is underperforming in some indices. This is likely contributing to the plunge in its market capitalization.
Why RLUSD outperformed BONK
In contrast, RLUSD has gained increased adoption from both retail and institutional investors. RLUSD, developed by Ripple, is designed for reliability and blockchain efficiency. Its price stability also makes it a reliable store of value amid meme coin volatility.
Notably, RLUSD has attained some important milestones this November. According to a U.Today report, Ripple USD officially crossed the $1 billion market capitalization mark on Nov. 3. This growth is fueled by increased adoption among retail and institutional investors.
For instance, Ripple collaborated with Mastercard, boosting the stablecoin's credibility and adoption, attracting capital from traditional finance. This contrasts with BONK’s reliance on retail sentiment, which can be fickle.
Through the partnership, Ripple plans to introduce blockchain-based settlement for credit card transactions using RLUSD, issued on the XRP Ledger.
This partnership comes after Deloitte & Touche LLP, a major global auditing firm, released a report about the RLUSD reserve. The report revealed that RLUSD reserves backing reached a $773.6 million value. It signals that RLUSD is making significant progress despite being in the crypto space less than 12 months.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team