It's not Logic, it's Magic!
If I activate Frenetic Efreet's ability twice in a row and win the first flip, do I still sacrifice it if I lose the second flip?
702.24b If a permanent phases out, its status changes to "phased out." Except for rules and effects that specifically mention phased-out permanents, a phased-out permanent is treated as though it does not exist. It can't affect or be affected by anything else in the game.
No, I am not a judge. That's why I like to quote sources such as the rules that trump judges.
Standard Answer to all 5E rules questions: "Ask your DM."