XRP Meme Coin PHNIX Explodes 50% as Bitcoin (BTC) and Ethereum (ETH) Struggle to Reclaim Bullish Stance

A lesser-known XRP (XRP) meme coin has pumped over 50% as the overall crypto market struggles to maintain a bullish trend.

While Bitcoin (BTC) and Ethereum (ETH) showed clear signs of difficulty in reclaiming a bullish stance on Monday, several lesser-known coins pumped double digits.

According to CoinGecko’s list of top gainers, Phoenix (PHNIX) is one of the top performers. PHNIX, an XRP (XRP) meme coin, surged from a 24-hour range of $0.00004662 to a peak of $0.0000698.

Crypto analyst Gordon recently highlighted the surge in meme coins on the XRP chain in a tweet. He specifically mentioned that PHNIX printed a massive God candle after a week of consolidation and noted that it looks ready for its next rally.

Another coin that surged nearly 70% is Unicorn Fart Dust (UFD). At press time, the UFD price increased by almost 100% in the last seven days, reaching $0.2274.

A 56-year-old YouTuber named Basement Ron, who creates videos about gold, silver, and now UFT, launched the meme coin. While the precise explanation for the price increase is unknown, the coin has also formed partnerships with businesses like MoonPay.

Theta Network (THETA) spiked close to 14% from a 24-hour low of $0.06857 to as high as $0.09682 before retracing to its current price of $0.07854 when narrowing it down to the top gainers of the top 300 coins by market cap.

According to CoinMarketCap data, the global crypto market cap stands at $3.33 trillion, with a 1% surge in the last 24 hours.

Moreover, alternative data shows that the crypto Fear and Greed Index is now at 62, indicating greed. Typically, greed signifies that the market is ripe for a correction.