The PHNIX meme coin, which launched on the XRP Ledger, has arrived on its first major centralized cryptocurrency exchange.

On December 27, the Phoenix Announce Cryptocurrency exchange MEXC has listed PHNIX. The move sees the exchange become the first major CEX exchange to add spot trading for the meme coin:

“A historic milestone was achieved on the XRP Ledger today: $PHNIX is the first memecoin XRPL to be listed on a major CEX exchange!”

The PHNIX token was launched on December 3, arriving amid new interest in meme coins on the XRPL blockchain. PHNIX is a token that appears to symbolize the rise of the phoenix, which is a future outlook for XRP (XRP) The Ripple community is collaborating with the blockchain project.

Before its listing on MEXC, the memecoin was only available on XRPL's decentralized exchange FirstLedger. MEXC has listed the PHNIX/USDT pair, which saw 6.16 billion tokens worth over $425.63K traded over the past 24 hours. The price of the memecoin increased by more than 116% upon listing. The maximum supply for PHNIX is 589 billion.

The rise of XRPL coins

PHNIX embodies the recent rise of XRP after Ripple overcame the legal hurdles faced by the US Securities and Exchange Commission. In July 2023, a US judge ruled so XRP is not a securityIn the past two months, the cryptocurrency has risen amid bullish expectations.

The XRP community sees the PHNIX meme coin as a mascot.

Aside from PHNIX, the Ripple blockchain network contains a number of tokens.

These include ARMY, 589, XPILL, and RIPPIE. The ARMY token, which has been around for over a year, is among the first meme projects to inspire the XRP community. Notably, this ties into the popular “XRP Army” reference for XRP token holders.