Ripple changed its Twitter profile picture to a PHNIX NFT, resulting in a nearly 39% surge in the token’s value. This event parallels Elon Musk’s tendency to influence meme coin prices with minor social media updates, spurring rapid trading activity and increased liquidity for PHNIX. Experts warn that while such community-driven hype can yield short-term profits, it often masks underlying fundamental value, posing risks for late investors. Justin Sun noted the significant role of community in meme coins, although trends driven by personality often diminish after the initial excitement, revealing vulnerabilities for those who join late.
