Ripple Honorary CTO Supports 'Memecoin' Surging 49%...Draws Line on $10,000 Surge Theory

▲ XRP, Fuzzybear (FUZZY)/AI-generated image

David Schwartz, Ripple's Honorary Chief Technology Officer, has provided technical support for a specific memecoin to vitalize the community within the XRP Ledger ecosystem. However, he once again drew a line against groundless price surge theories circulating in the market.

According to crypto media outlet Coingape on May 4 (local time), Schwartz added a trust line for Fuzzybear (FUZZY), a new memecoin based on the XRP Ledger. The Honorary CTO, Schwartz, officially confirmed via X (formerly Twitter) that he had fulfilled his promise to set up a trust line for Fuzzy. However, Schwartz explained that this decision does not endorse the project but is merely a positive assessment of the community's enjoyable atmosphere.

A trust line is an essential function that must be set up on the XRP Ledger to trade or hold tokens issued by other accounts. Users explicitly indicate their willingness to accept specific assets, thereby establishing a technical trust relationship with the issuer. Fuzzy, which became a hot topic this time, was inspired by a famous anecdote from 2014 when someone attempted to exchange 1 XRP for 1 Bitcoin (BTC) on a decentralized exchange. Fuzzy's total supply is approximately 321 billion FUZZY and is classified as a community-based asset.

The Fuzzy memecoin has seen a significant surge of approximately 49% since April, attracting high market interest. It also showed a 13% increase over the past week, but on Sunday, it fell by 3.46% from the previous day, recording $0.00005611. Schwartz confessed that he has much less information about the project than the public believes, but added that community activity within the ecosystem itself is an enjoyable phenomenon.

Schwartz also provided a sober assessment of conspiracy theories and excessive price predictions surrounding XRP. He emphasized that Ripple has no secret plans to raise the token's price. In particular, he pointed out that the prediction of XRP reaching $10,000 within the next 10 years is highly unlikely to materialize. Schwartz quipped that if a $10,000 price were possible, wealthy investors worldwide would have already accumulated large amounts of XRP, but no such movement is currently observed. He questioned the fallacy of such extreme price targets, asking, "Why aren't they buying? Is it a conspiracy?"

This move by a key Ripple figure demonstrates that the XRP Ledger is expanding beyond a simple financial remittance network into a platform for various community-driven experiments. Experts commonly advise that even in the pursuit of technical curiosity and fun, investors should be wary of baseless conspiracy theories and rapid volatility. As the utilization of non-native assets within the Ripple ecosystem increases, it is time for realistic market valuation to follow.

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