The PHNIX meme coin, launched on the XRP Ledger, has landed on its first major centralized crypto exchange.
On Dec. 27, the Phoenix team announced that crypto exchange MEXC has listed PHNIX. The move sees the exchange become the first major CEX to add spot trading for the meme coin:
“A historic milestone has been achieved on the $XRP Ledger today: $PHNIX is the first XRPL memecoin to be listed on a major CEX!”
The PHNIX token launched on December 3, arriving amid fresh interest in meme coins on the XRPL blockchain. PHNIX is a token that looks to symbolize the rise of the phoenix, an outlook the XRP (XRP) and Ripple community associates with the blockchain project.
Before its listing on MEXC, the meme coin was only available on XRPL’s decentralized exchange platform FirstLedger. MEXC has listed the PHNIX/USDT pair, which has seen 6.16 billion tokens worth over $425.63k traded in the past 24 hours. The meme coin’s price surged more than 116% upon the listing. PHNIX has a maximum supply of 589 billion.
Rise of XRPL meme coins
PHNIX embodies XRP’s recent surge after Ripple weathered the U.S. Securities and Exchange Commission’s legal hurdles. In July 2023, a U.S. judge ruled that XRP is not a security, and in the past two months, the cryptocurrency soared amid bullish expectations.
The XRP community sees the PHNIX meme coin as a mascot.
Apart from PHNIX, the Ripple blockchain network has a number of top meme coins.
These include ARMY, 589, XPILL and RIPPIE. The ARMY token, which has been around for over a year, is among the first meme projects to inspire the XRP community. Notably, this is related to the popular “XRP Army” reference to holders of the XRP token.
