Ripple CTO Joins Meme Coin Effect, Fuels 40% Price Rally for PHNIX
PHNIX, a token constructed on the XRP Ledger and the related NFT, surged by nearly 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.
Ripple CTO Sparks PHNIX Frenzy With Profile Picture 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 way of refined social media tweaks.
“The Phoenix rises larger in the present day. Thank you, Joel Katz, for embracing the imaginative and prescient. From ashes to eternity, $PHNIX lives on XRPL,” the official Phoenix account wrote.
In the quick aftermath, PHNIX token rose practically 40% to commerce for $0.00002264 as of this writing.
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 12 months, his resolution to rename his profile to “Harry Bōlz” triggered a 3,000% rally within the related token.
Similarly, the KEKIUS soared 120% in May after Musk adopted it as a part of his X branding. Therefore, Schwartz’s transfer brings that very same speculative power into the XRP ecosystem.
However, not like Musk, the Ripple CTO isn’t recognized for meme coin antics, making the endorsement all of the extra shocking.
The PHNIX surge highlights the affect of high-profile crypto figures on market psychology.
While Schwartz didn’t touch upon whether or not his profile change was meant as an endorsement, the impact was quick. Data 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 develop into a shilling point for speculative liquidity.
“Meme cash could seem unconventional, however they spotlight the ability of group in crypto,” Tron founder and Huobi Global advisor Justin Sun said throughout Token2049.
Personality-driven actions, memes, and cultural alerts can usually overshadow fundamentals within the quick time period.
Nonetheless, Musk-related rallies have traditionally fizzled after preliminary euphoria, usually leaving latecomers uncovered. This suggests the PHNIX worth might undergo an identical sample until a subsequent basic occasion or announcement presents.
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