Yes, especially the first Firefox logo has a distinct snout. I have no primary source to quote, but there are plenty claims, referencing each other, that the name stems from the nickname of the red panda. I was wondering if there is any official statement about the name. But it seems most common to think of a (speedy?) fox with a flaming tail. How to derive a dog's burning relative from a phoenix seems to remain uncertain.

Well, red pandas are more likely to live up trees than foxes are.