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 specific meme coin.
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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 means of delicate social media tweaks.
“The Phoenix rises higher today. Thank you, Joel Katz, for embracing the vision. 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.
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Phoenix (PHNIX) Worth Efficiency. Supply: CoinGecko
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 determination to rename his profile to “Harry Bōlz” triggered a 3,000% rally within the related token.
Elon Musk has modified his Profile title to “Harry Bōlz”
Within the quick aftermath of this title change, the worth of #HARRYBOLZ rallied by over 3,000% earlier than revenue reserving commenced.
This marks the second time Musk’s title change led to a crypto rally, following comparable… pic.twitter.com/RiuntVwGKj
— BeInCrypto (@beincrypto) February 11, 2025
Equally, the KEKIUS soared 120% in Might after Musk adopted it as a part of his X branding. Due to this fact, Schwartz’s transfer brings that very same speculative power into the XRP ecosystem.
Nevertheless, not like Musk, the Ripple CTO just isn’t recognized for meme coin antics, making the endorsement all of the extra stunning.
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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 supposed as an endorsement, the impact was quick. Information 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 grow to be a shilling level for speculative liquidity.
“Meme coins may seem unconventional, but they highlight the power of community in crypto,” Tron founder and Huobi World advisor Justin Solar stated throughout Token2049.
Persona-driven actions, memes, and cultural indicators can usually overshadow fundamentals within the quick time period.
Nonetheless, Musk-related rallies have traditionally fizzled after preliminary euphoria, usually leaving latecomers uncovered. This means the PHNIX value may undergo an identical sample until a subsequent elementary occasion or announcement presents.
