Memecoin Launch on Ethereum’s Genesis Wallet

A wallet connected to the Ethereum network’s Genesis block has reportedly launched a memecoin, according to blockchain data sites DEX Screener and Etherscan. The token, named PHIL, peaked at a market capitalization of over $125 million shortly after launching at around 8:15 a.m. ET.

Currently, the PHIL token is being traded on the decentralized exchange Uniswap V2 for approximately $0.08, down from its earlier peak price of $0.10 about an hour after launch.

Rise of Memecoins

Memecoins have gained significant popularity lately, following the emergence of low-cost memecoin generators like the Solana-based Pump.fun and the recently released SunPump on Tron.

Wallet Insights

The wallet identified as the token’s owner on DEX Screener was initially funded with 2,000 ETH by an entity labeled Genesis, which occurred 3,316 days ago, on July 30, 2015 — Ethereum’s launch date. The wallet has since transferred nearly all of its ETH, including 36.6 ETH, into the PHIL token liquidity pool and smaller memecoins Azalea and Drip.

Token Metrics

• Max Total Supply: 1,000,000,000 PHIL tokens
• Unique Holders: Just over 1,000
• Top Holders: Each of the top 10 holders purchased 10 million tokens. One investor, who acquired 6.5 million tokens, made a profit of $172,000 by selling about half his holdings, with unrealized gains exceeding $300,000.

Trading Volume

PHIL is currently the most traded asset by volume on Uniswap, witnessing an 86,000% increase in trading volumes since its launch. The current market capitalization stands at over $84 million.