Coinbase, Pudgy Penguins, and a 60% PENGU Rally
Coinbase's Pudgy Penguin PFP and the PENGU Price Surge
Coinbase unexpectedly changed its X (formerly Twitter) profile picture to a Pudgy Penguins NFT, sparking a significant rally in PENGU, the Pudgy Penguins ecosystem's native token. The simple message, "new pfp, who dis," ignited a more than 60% price increase for PENGU within minutes.
While a correction followed, PENGU remains up over 35% for the week. This dramatic price action coincided with a similar change in profile pictures from other notable crypto firms, including VanEck, MoonPay, and AwakenTax, suggesting a potential marketing synergy or partnership between Coinbase and Igloo Inc., the company behind Pudgy Penguins.
Impact on the Pudgy Penguins NFT Market
The excitement surrounding Coinbase's profile picture change wasn't limited to the PENGU token. The floor price of Pudgy Penguin NFTs also saw a significant jump, rising from approximately 9 ETH to 11.58 ETH according to NFTPriceFloor data. Trading volume for Pudgy Penguins NFTs increased by a remarkable 690% in 24 hours.
AlexOnChain's Role and Coinbase's New Hire
The profile picture change was orchestrated by pseudonymous Crypto Twitter personality AlexOnChain, who previously managed Binance's social media account for four years. Following the successful stunt, Coinbase announced that they've hired AlexOnChain as their first full-time "CT Lead." Their goal is to improve communication, focusing on transparency and engagement within the crypto community.
Spot PENGU ETF Filing and Regulatory Landscape
The surge in PENGU's price also coincides with the SEC's acknowledgement of Canary Capital's filing for a spot PENGU ETF. This development adds another layer of positive sentiment to the market, contributing to the overall price increase. The approval of such an ETF remains uncertain, but the filing itself has clearly fueled investor excitement.
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