Memecoin launched by address connected to Ethereum Genesis block rockets to top of Uniswap charts

A wallet connected to the Ethereum ETH -3.48% network’s Genesis block appears to have launched a memecoin, according to blockchain data sites DEX Screener and Etherscan. The token peaked at a market capitalization of over $125 million after launching around 8:15 a.m. ET. 

The so-called PHIL token is currently trading on the decentralized exchange Uniswap V2, changing hands for about $0.08 — down from a peak price of $0.10 about an hour after launch. 

Memecoins have exploded in popularity recently following the launch of low-cost memecoin generators like the Solana-based Pump.fun and the recently released SunPump on Tron. 

The wallet listed as the token’s owner on DEX Screener was initially funded with 2,000 ETH by an entity labeled Genesis   3,316 days ago, on July 30, 2015 — the day Ethereum launched. Since then, the wallet has moved nearly all of its ETH, including 36.6 ETH, into the PHIL token liquidity pool and smaller memecoins Azalea and Drip. 

There is a max total supply of 1,000,000,000 PHIL tokens, and currently, just over 1,000 unique holders. Its top 10 holders each purchased 10 million tokens. One sniper who bought 6.5 million tokens made a $172,000 profit by selling about half his stack and has unrealized gains of over $300,000.

PHIL is currently the number one traded asset by volume on Uniswap, according to DEX Screener, having seen an 86,000% jump in trading volumes since launch. It has a current market cap of over $84 million.