PHNIX, a token constructed on the XRP Ledger and the related NFT, surged by virtually 40% after Ripple (Twitter) profile image to a PHNIX NFT.
The transfer mirrors token reactions after the purported DOGE father flips his revenue image to a selected meme coin.
Sponsored
Sponsored
Ripple CTO Sparks PHNIX Frenzy With Profile Image Shift, Token Soars 40%
The transfer despatched merchants right into a frenzy, reviving comparisons with Elon Musk’s historical past of sparking meme coin rallies by refined social media tweaks.
“The Phoenix rises larger at this time. Thanks, Joel Katz, for embracing the imaginative and prescient. From ashes to eternity, $PHNIX lives on XRPL,” the official Phoenix account wrote.
Within the quick aftermath, PHNIX token rose practically 40% to commerce for $0.00002264 as of this writing.
Sponsored
Sponsored
The rally mirrors previous episodes tied to Elon Musk. In 2021, Dogecoin jumped 20% after Musk briefly modified his X profile image to reference the DOGE meme coin.
Earlier this yr, his choice to rename his profile to “Harry Bōlz” triggered a 3,000% rally within the related token.
Equally, the KEKIUS soared 120% in Could after Musk adopted it as a part of his X branding. Due to this fact, Schwartz’s transfer brings that very same speculative vitality into the XRP ecosystem.
Nonetheless, in contrast to Musk, the Ripple CTO just isn’t recognized for meme coin antics, making the endorsement all of the extra stunning.
Sponsored
The PHNIX surge highlights the affect of high-profile crypto figures on market psychology.
Whereas Schwartz didn’t touch upon whether or not his profile change was meant as an endorsement, the impact was quick. Knowledge on CoinGecko highlights liquidity and buying and selling volumes in PHNIX spiked as retail merchants rushed to purchase in.
This phenomenon suggests a broader theme in crypto markets, the place meme cash change into a shilling level for speculative liquidity.
“Meme cash could seem unconventional, however they spotlight the facility of group in crypto,” Tron founder and Huobi International advisor Justin Solar mentioned throughout Token2049.
Persona-driven actions, memes, and cultural alerts can typically overshadow fundamentals within the brief time period.
Nonetheless, Musk-related rallies have traditionally fizzled after preliminary euphoria, typically leaving latecomers uncovered. This means the PHNIX worth may endure the same sample until a subsequent elementary occasion or announcement presents.