PHNIX, a token built on the XRP Ledger, surged 47% after Ripple CTO Joel Katz, also known as Schwartz, briefly changed his X profile picture to a PHNIX NFT. The move sent traders into a frenzy, reviving comparisons with Elon Musk’s history of influencing meme coin markets through subtle social media signals.
“The Phoenix rises higher today. Thank you, Joel Katz, for embracing the vision. From ashes to eternity, $PHNIX lives on XRPL,” the official X account of Phoenix shared following the change.
As of now, PHNIX trades at $0.00002394, marking a near 47.5% jump in value. This surge is similar to historical crypto booms in which social media promotion generated token explosions.
History of Social Media-Driven Token Surges
In 2021, Dogecoin surged 20% when Musk temporarily changed his X profile picture to include the DOGE meme. Earlier this year, Musk’s temporary X rebrand to “Harry Bōlz” triggered a 3,000% rally in the associated token. Similarly, KEKIUS soared 142% in May after Musk’s subtle endorsement.
Unlike Musk, Schwartz is not known for meme coin antics, making this move even more surprising. Although he has not commented on whether the profile change was an endorsement, the effect was immediate.
According to CoinMarketCap, liquidity and trading volumes for PHNIX spiked as retail traders rushed in, highlighting the influence of personality-driven actions in crypto markets.
“Meme coins may seem unconventional, but they highlight the power of community in crypto,” Tron Founder and Huobi Global Advisor Justin Sun said during Token2049.
The rally is impressive but history reveals that token surges associated with Musk tend to dissipate. PHNIX might experience the same trend unless there is a significant announcement or a significant event that contributes to the growth.
This incident strengthens an emerging trend in crypto, cultural indicators, memes and community feeling can influence token prices as much as technology or fundamentals.
Also Read: Ripple CTO Fires Back at Litecoin Influencer’s XRP Critique
