Ripple CTO community actions trigger a big pump of PHNIX by 40%! Meme coin effect reappears

The crypto market once again showcases the “celebrity effect” trend. Ripple's Chief Technology Officer David Schwartz (Joel Katz) recently triggered a trading frenzy for the PHNIX Token simply by changing his social media profile picture, causing the price to soar by 40% in a short period. This scene reminds one of the classic cases where Elon Musk has repeatedly boosted meme coins through actions on social platforms.

Event Review: A Market Surge Triggered by a Profile Picture

PHNIX official account posted on X (formerly Twitter) to express gratitude: “The phoenix rises to new heights today. Thank you Joel Katz for embracing our vision. From ashes to eternity, $PHNIX will rely on XRPL to endure.”

Subsequently, the price of PHNIX rapidly surged to $0.00002264, with an intraday increase of nearly 40%. CoinGecko data shows that as retail investors flocked in, the trading volume and liquidity of PHNIX soared simultaneously.

Musk-style meme coin effect reappears

The surge in coin prices triggered by actions from celebrity communities is not the first occurrence:

2021: Musk changes X profile picture in response to Dogecoin (DOGE), and DOGE immediately rises by 20%.

Early 2023: Musk changed his personal name to “Harry Bōlz”, and the related Token surged by 3,000%.

May 2024: After incorporating KEKIUS into the X brand, the Token surged by 120%.

In contrast, Schwartz is not known for hyping meme coins, so this move is even more unexpected for the market and has injected new speculative enthusiasm into the XRP ecosystem.

Celebrity Effect and Market Psychology

The surge of PHNIX highlights another characteristic of the crypto market - short-term trends driven by culture and sentiment.

Tron founder Justin Sun stated at the Token2049 conference:

“Meme coins may seem unusual, but they highlight the power of the crypto community.”

In this type of market, personal branding, meme culture, and community resonance can often overshadow fundamentals in a short period, resulting in a surge of capital inflow and a rapid price increase.

Risk Warning: Risk of Pullback After Hype

Historical experience shows that meme coins related to Musk often experience a rapid cooling after an initial surge, making late investors susceptible to retracement losses.

For PHNIX, unless there are substantial fundamental benefits or significant announcements in the future, this round of price increase may be difficult to maintain in the long term.

Conclusion and Key Observations

Short-term focus: Can community enthusiasm and trading volume continue to expand?

Mid-term observation: Are there more applications or collaborations related to the XRP ecosystem being implemented?

Risk Control: Be wary of chasing prices at high levels under FOMO (Fear of Missing Out) emotions.

PHNIX's recent market trend once again proves that the price movements in the crypto market are not solely determined by technology and fundamentals; community culture and celebrity effects can also instantly change the flow of funds.