Ripple CTO Sparks 40% PHNIX Token Surge With NFT Profile Picture

PHNIX, a token and NFT project built on the XRP Ledger, surged nearly 40% after Ripple CTO David Schwartz, known as “Joel Katz,” changed his X (Twitter) profile picture to a PHNIX NFT. The unexpected move sent traders into a frenzy, drawing parallels with Elon Musk’s history of sparking meme coin rallies through subtle social media activity.

Following the change, PHNIX jumped to $0.00002264, with trading volumes and liquidity spiking on CoinGecko data. The official Phoenix account celebrated the shift, posting, “The Phoenix rises higher today. Thank you, Joel Katz, for embracing the vision. From ashes to eternity, $PHNIX lives on XRPL.”

The market reaction mirrors previous episodes in the meme coin space. In 2021, Dogecoin gained 20% after Musk briefly switched his profile to reference DOGE. Earlier this year, his playful username “Harry Bōlz” fueled a 3,000% rally in the associated token, while KEKIUS soared 120% in May after being featured in Musk’s branding.

Unlike Musk, however, Schwartz is not typically associated with meme coin hype, making his move a surprise endorsement in the XRP ecosystem. Analysts note the episode highlights how influential figures can move markets, particularly in speculative corners of crypto where cultural signals often outweigh fundamentals.

Justin Sun, Tron founder and Huobi Global advisor, recently remarked at Token2049, “Meme coins may seem unconventional, but they highlight the power of community in crypto.”

Still, history shows Musk-driven meme rallies often fade quickly, leaving late investors at risk. Unless PHNIX delivers meaningful updates or adoption beyond the hype, its latest surge could follow a similar trajectory.