The PHNIX memecoin, built on the XRP Ledger, reached an important milestone by confirming its first major listing on a centralized exchange. The Phoenix team announced on Dec 27 that MEXC, a major cryptocurrency exchange, had listed PHNIX on its platform.
MEXC has listed the meme coin for spot trading and paired it with USDT. The listing is a major move for PHNIX, which launched on December 3 amidst increasing interest in meme coins on the XRPL ecosystem. PHNIX is envisioned as a symbol of rebirth and resilience themes closely associated with the XRP and Ripple communities.
$PHNIX is officially live for trading on MEXC!
Trade here: https://t.co/w8hyAATF4P
A historic milestone has been achieved on the $XRP Ledger today: $PHNIX is the first XRPL memecoin to be listed on a major CEX! 🐦🔥 pic.twitter.com/ia2bwPFrTz
— Phoenix – $PHNIX (@phnix_xrp) December 27, 2024
Before listing on MEXC, PHNIX traded only on XRPL’s FirstLedger decentralized exchange. Since the new listing, some heavy trading has taken place – more than 6.16 billion tokens have traded in the last 24 hours, equating to a trading volume of more than $425,000. Following the announcement, the coin’s price surged by over 116%. PHNIX is a capped supply token – 589 billion.
“A historic milestone has been achieved on the $XRP Ledger today: $PHNIX is the first XRPL memecoin to be listed on a major CEX!”
PHNIX Reflects XRP’s Revival And Community Resilience
PHNIX’s success indicates the general revival of XRP and the entire community after the partial legal victory Ripple won against the U.S. SEC earlier this year. In July 2023, a US Judge ruled that XRP is not a security, a fact that fired up new hopes and a price rally in the cryptocurrency. Since its launch, PHNIX has become a mascot token of XRP and the symbol of the community’s invincible spirit.
The XRPL blockchain is generally fertile ground for developing meme coins, with a number of projects that have garnered momentum in this regard. Better-known tokens include ARMY, 589, XPILL, and RIPPIE. The most popular so far among these has been the earlier developer who captured that community, which describes itself as the “XRP Army.”
Meme coins on the XRPL will leverage efficiencies from the chain and some of its more minimalistic transaction fees, opening up access to fast-rising fragments. For some, MEXC listings are considered a highlight in PHINIX’s efforts, or its larger efforts, in creating the scale XRP Ledger enjoys among the different blockchain competitors where such tokens are used.
Further listings, like the recent addition on MEXC, mean that PHNIX may be setting up for higher traction as it attracts more eyeballs from traders and institutional investors alike.
To its supportively vocal XRP community still enjoying the high of recent wins in Ripple’s legal challenges to the fast-rising phenomena its meme tokens have created online, PHNIX occupies a proud place at their table as a next-in-line player in the changing nature of blockchain. In this context, tokens such as PHNIX should be at the heart of the tide in further developing the XRPL meme coin ecosystem.
