PHNIX, a token built on the XRP Ledger and the associated NFT, surged by almost 40% after Ripple (Twitter) profile picture to a PHNIX NFT. 🤷♂️
The move mirrors token reactions after the purported DOGE father flips his profit picture to a particular meme coin. But seriously, what is it about profile pictures and crypto? 🤔
The move sent traders into a frenzy, reviving comparisons with Elon Musk’s history of sparking meme coin rallies through subtle social media tweaks. Like, what else do these guys have to do all day? 😂
“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. 🌟
In the immediate aftermath, PHNIX token rose nearly 40% to trade for $0.00002264 as of this writing. That’s a lot of zeros, folks. 🤑
The rally mirrors past episodes tied to Elon Musk. In 2021, Dogecoin jumped 20% after Musk briefly changed his X profile picture to reference the DOGE meme coin. Because why not, right? 🚀
Earlier this year, his decision to rename his profile to “Harry Bōlz” triggered a 3,000% rally in the associated token. I mean, who wouldn’t want to be Harry Bōlz? 🎩
Elon Musk has changed his Profile name to “Harry Bōlz”
In the immediate aftermath of this name change, the price of #HARRYBOLZ rallied by over 3,000% before profit booking commenced.
This marks the second time Musk’s name change led to a crypto rally, following similar…
– BeInCrypto (@beincrypto) February 11, 2025
Similarly, the KEKIUS soared 120% in May after Musk adopted it as part of his X branding. Therefore, Schwartz’s move brings that same speculative energy into the XRP ecosystem. But can we please talk about something more substantial? 🙄
However, unlike Musk, the Ripple CTO is not known for meme coin antics, making the endorsement all the more surprising. Or maybe he just wanted a new profile pic. 📸
JUST IN: David Schwartz, CTO of Ripple, changes X pfp to $PHNIX NFT.
– Whale Insider (@WhaleInsider) September 7, 2025
The PHNIX surge highlights the influence of high-profile crypto figures on market psychology. It’s like a digital version of the celebrity endorsement, but with more zeros. 🤷♀️
While Schwartz did not comment on whether his profile change was intended as an endorsement, the effect was immediate. Data on CoinGecko highlights liquidity and trading volumes in PHNIX spiked as retail traders rushed to buy in. Because why not join the hype train? 🚂
This phenomenon suggests a broader theme in crypto markets, where meme coins become a shilling point for speculative liquidity. It’s like a digital version of the gold rush, but with more memes. 🏭
“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. And also the power of boredom. 📱
Personality-driven actions, memes, and cultural signals can often overshadow fundamentals in the short term. But hey, if it makes people happy, who am I to judge? 🙃
Nonetheless, Musk-related rallies have historically fizzled after initial euphoria, often leaving latecomers exposed. This suggests the PHNIX price could suffer a similar pattern unless a subsequent fundamental event or announcement presents. But then again, who knows? Maybe this time it’s different. 🤞
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2025-09-08 03:14