The PHNIX meme coin, initiated on the XRP Ledger, has been listed on its first major centralized cryptocurrency exchange, MEXC. As announced on December 27, the MEXC exchange is now offering spot trading for PHNIX, becoming the first major CEX to do so. The PHNIX token was launched on December 3, amidst growing interest in meme coins on the XRP Ledger. It symbolizes the ‘rise of the phoenix’, resonating with the XRP and Ripple community’s vision for the blockchain project.
Prior to its listing on MEXC, PHNIX was available only on XRPL’s decentralized exchange, FirstLedger. MEXC has now added the PHNIX/USDT trading pair, with over 6.16 billion tokens worth in excess of $425,630 transacted in the last 24 hours. This listing has led to a significant price surge of over 116% for the meme coin, which has a maximum supply of 589 billion tokens.
This development highlights the rise of meme coins on the XRPL, with PHNIX representing XRP’s resurgence following Ripple’s legal battles with the U.S. Securities and Exchange Commission. In July 2023, it was ruled that XRP is not a security, which spurred a positive market reaction for XRP. The PHNIX meme coin is seen within the community as a mascot, building on a trend driven by various other popular XRPL meme coins like ARMY, XPILL, and RIPPIE.
Among these, the ARMY coin is notable for being one of the earliest meme projects, aligned with the “XRP Army” – a colloquial term for supporters and holders of the XRP token.
