The first major centralized cryptocurrency exchange has accepted the PHNIX meme coin, first introduced on the XRP Ledger.
The Phoenix team declared on December 27 that PHNIX was listed on the cryptocurrency market MEXC. With this action, the exchange becomes the first significant CEX to offer meme coin spot trading:
A historic milestone has been achieved on the $XRP Ledger today: $PHNIX is the first XRPL memecoin to be listed on a major CEX!”
On the XRPL platform, the PHNIX token debuted on December 3 amidst renewed interest in meme coins.
The XRP and Ripple communities identify the blockchain project with the phoenix’s ascent, which is symbolized by the coin PHNIX.
The meme coin was exclusively accessible on XRPL’s decentralized trading platform FirstLedger prior to its placement on MEXC.
In the last 24 hours, 6.16 billion tokens worth around $425.63k have been traded on the PHNIX/USDT pair, which MEXC has listed.
The price of the meme coin increased by over 116% after it was listed. The maximum supply of PHNIX is 589 billion.
Rise of XRPL meme coins
PHNIX captures the current upswing in XRP following Ripple’s successful completion of the legal challenges posed by the U.S. Securities and Exchange Commission.
After a U.S. judge declared in July 2023 that XRP is not a security, the cryptocurrency has surged in the last two months due to optimistic forecasts.
The XRP community views the PHNIX meme coin as a mascot. There are several popular meme coins on the Ripple blockchain network in addition to PHNIX.
These consist of RIPPIE, XPILL, 589, and ARMY. One of the first meme initiatives to motivate the XRP community was the ARMY token, which has existed for more than a year.
Notably, this concerns the well-known term “XRP Army,” which refers to XRP token owners.
