Coinbase’s Pudgy Penguin Avatar Change, ETF Hopes Ignite 60% PENGU Rally

Coinbase broke with its normal blue emblem on X, posting a Pudgy Penguins non-fungible token as its profile image alongside the quip “new pfp, who dis.”

Minutes later, PENGU, the native token of the penguin-themed ecosystem, began surging. The token rose greater than 60% within the rally earlier than enduring a correction, nevertheless it’s nonetheless up greater than 35% for the week.

The official Pudgy Penguins account mirrored the transfer, sending matching ice-blue avatars gliding throughout feeds and main to speak of a partnership between Coinbase and Igloo Inc., the startup that steers the gathering. Various crypto-related companies, together with VanEck, MoonPay, and AwakenTax, have since modified their profile footage to pudgy penguins.

The stunt has additionally lifted the ground worth of Pudgy Penguin NFTs, which was earlier this week round 9 ETH, and shortly jumped to 11.58 ETH in accordance with NFTPriceGround knowledge. The quantity for the mission’s NFTs grew almost 690% within the final 24 hours.

Coinbase modified its profile image throughout a brief account takeover from pseudonymous Crypto Twitter character AlexOnChain, who beforehand led the social media account of main cryptocurrency trade Binance for 4 years.

After the takeover, Coinbase revealed they’re hiring AlexOnChain as their first full-time “CT Lead.”

“The new focus is making comms more social native – direct, transparent, and engaging. That’s the path to building a bigger appreciation for everything they’ve contributed to this space (which is a lot), and to help reconnect with ct,” Alex stated in a publish. “It’s a big job, it won’t be easy, and that’s why I took it.”

PENGU’s worth rise additionally comes because the U.S. Securities and Exchange Commission (SEC) acknowledged Canary Capital’s submitting for a spot PENGU ETF.