Quick overview

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Ripple’s (Twitter) profile picture was changed to a PHNIX NFT, which caused PHNIX, a token based on the XRP Ledger and the related NFT, to jump nearly 39%. The move mimics token reactions when the supposed father of DOGE switches his profile image to a popular meme coin.

Elon Musk’s history of sparking meme coin rallies with small social media tweaks was referenced here, causing traders to frenzy.

Today, the Phoenix soars higher. Joel Katz, thank you for supporting the idea. “$PHNIX lives on XRPL,” the official Phoenix, from ashes to eternity.

Schwartz did not clarify whether the profile change was meant as an endorsement, but the effect was immediate. Liquidity and trading volumes in PHNIX jumped as retail traders rushed to buy, according to CoinGecko data. T

This pattern reveals a broader issue in crypto markets, where meme coins become a playground for speculative trading. Justin Sun, an advisor at Huobi Global and the founder of Tron, said at Token2049 that “meme coins emphasize the power of community in crypto, despite their unconventional appearance.”

Often, in the short term, personality-driven actions, memes, and cultural signals can hide the fundamentals. However, Musk-related rallies tend to fade after the initial hype, often exposing latecomers.