PHX completes migration to Binance Chain, draws MATIC comparisons

Red Pulse Phoenix (PHX) has completed its token migration to Binance Chain, and has updated their name and ticker to Red Pulse Phoenix Binance (PHB) in the process. The tokens were swapped at a 1 PHX = 1 PHB ratio.

Binance has suspended trading, deposits and withdrawals of PHX back on Wednesday and (re)opened trading for 5 PHB trading pairs at 04:00 (UTC) today, including PHB/BNB, PHB/BTC, PHB/USDC, PHB/TUSD and PHB/PAX.

At about the same time PHB was added to the recently-launched Binance Dex, all of which caused the new/old coin to soar ~24.5% earlier today, before retracing.

There's also been a surge of new coin's mentions on crypto social media with over 1250 PHB-related comments in the past 24 hours:

Even though the coin’s action remains choppy since, some in the trading crowd believe PHB will follow in the footsteps of MATIC and CELR, and are hoping for a prolonged rally going forward:

• PHB new Matic 🚀🚀🚀🚀
• Binance is definitely gonna pump its first coin on binance dex, phb gonna pump like crazy
• Phb 😍😍 x2 im coming
• phb to all time high

The new ticker/rebrand caught part of the trading community by surprise, so some thought Binance added a brand new coin to the platform, which likely contributed to PHB’s rising popularity throughout the day:

Either way, the trading volumes remain high across PHB’s new trading pairs: