PHNIX token on the XRP Ledger witnessed a sharp price increase after Ripple's CTO Joel Katz changed his avatar to a PHNIX NFT. This event drew traders' attention and revived discussions about the influence of social media on crypto markets.
PHNIX Price Surge
The PHNIX token surged by 47% following Joel Katz's profile picture change on social media platform X. Currently, PHNIX trades at $0.00002394, marking nearly a 47.5% increase. This event prompted trader activity and increased trading volumes.
History of Social Media Token Surges
There are numerous historical examples of similar events, including Dogecoin rising by 20% when Elon Musk changed his X avatar to include the DOGE meme in 2021. Additionally, a temporary profile name change by Musk led to a 3000% surge. The KEKIUS token also saw a 142% increase as a result of Musk's endorsement.
Influence of Personalities on Crypto Markets
While Joel Katz is not known for meme antics, his avatar change elicited an immediate market reaction. Influencers like Tron founder Justin Sun highlight that memes and public sentiment can impact token prices as significantly as technology. However, history shows that such surges often dissipate just as quickly as they arise.
The situation surrounding the PHNIX token underscores the importance of personalities and their actions in shaping market sentiment within the crypto space, demonstrating that memes and cultural indicators can influence token prices.
