A memecoin called PHIL, launched by a wallet connected to Ethereum’s Genesis block, rose to the top of Uniswap V2’s charts, reaching a market cap of over $125 million shortly after its debut.
The token, which began trading at around 15:15 ET, peaked at $0.10 per token before settling around $0.08.
PHIL is currently one of the most talked about tokens on Uniswap V2, reflecting the recent rise in popularity of memecoins, particularly with the emergence of low-cost memecoin generators like Pump.fun on Solana and SunPump on Tron.
Blockchain data from DEX Screener and Etherscan reveals that the wallet behind PHIL is connected to an entity labeled “Genesis,” which first funded the wallet with 2,000 ETH on July 30, 2015, when Ethereum was launched.
The maximum supply of the PHIL token is 1 billion and to date there are over 1,000 unique owners. One particularly successful trader who managed to purchase 6.5 million tokens initially sold half of his holdings, making a profit of $172,000, and his unrealized gains still exceed $300,000.
However, a significant portion of these memecoins show surprising declines in price after reaching their peak value, and their names are forgotten. Time will tell whether this token will be the same.
*This is not investment advice.
