A memecoin named PHIL, launched by a wallet connected to Ethereum’s Genesis block, has rapidly ascended to the top of Uniswap’s trading charts. According to blockchain data from DEX Screener and Etherscan, the token achieved a peak market capitalization of over $125 million shortly after its launch around 8:15 a.m. ET.
The PHIL token is currently trading on the decentralized exchange Uniswap V2 at approximately $0.08, down from its peak price of $0.10 reached about an hour after it debuted. This surge in trading volume underscores the growing popularity of memecoins, driven in part by the introduction of low-cost memecoin generators like Pump.fun on Solana and SunPump on Tron.
The wallet that launched PHIL is particularly noteworthy due to its connection to Ethereum’s inception. Initially funded with 2,000 ETH by an entity labeled “Genesis” on July 30, 2015—the day Ethereum went live—the wallet has since transferred nearly all of its ETH. This includes 36.6 ETH directed into the PHIL token liquidity pool and investments in other smaller memecoins like Azalea and Drip.
PHIL has a total supply of 1 billion tokens, with just over 1,000 unique holders at present. The top 10 holders collectively own 10 million tokens each. Notably, one early investor, who acquired 6.5 million tokens, secured a $172,000 profit by selling about half of his holdings, with unrealized gains exceeding $300,000.
The token’s meteoric rise has made it the number one traded asset by volume on Uniswap, with an astounding 86,000% increase in trading volume since its launch. PHIL’s market capitalization now stands at over $84 million.
