PENGU has gained more than 12% during the past day to trade at $0.02227. This quick price gains comes after Coinbase updated its official X profile picture with a Pudgy Penguins NFT character.
Coinbase’s Pudgy Penguins Avatar Sparks Frenzy as PENGU Price Rises
While the exchange did not directly mention PENGU, the timing of the post led to various speculation about the meme coin. Coinbase posted on X the words “new pfp, who dis” alongside the Pudgy Penguins avatar.
Traders considered this action as an inference or support for the PENGU ecosystem. The latest price gain is happening only a day after PENGU showed a 30% gain in price.
That surge followed the US SEC’s acknowledgment of Canary Capital’s filing for a PENGU ETF. The filing proposes a basket that includes 80% to 95% exposure to PENGU and related NFT assets. This makes PENGU the only meme coin other than Dogecoin currently associated with an ETF proposal in the United States.
Token’s Trading Volume Shoots Above $1.2B as ETF Buzz Grows
ETF filings are usually an indicator of credibility in the crypto space. When the SEC recognizes a filing then it means the application has passed a preliminary approval stage.
Hence, this is a huge achievement for a meme coin like PENGU. What further enhances this uptrend is that PENGU is already available on the Coinbase exchange. That listing provides it with visibility to retail investors.
The hype about Coinbase’s new profile with the shape of a penguin has led traders to suspect that further involvement or advertising for the project could take place.
Meanwhile, the token’s 24-hour trading volume also soared above $1.24 billion, according to CoinMarketCap data. The current market cap of the token is now approximately $1.39 billion after increasing by 28.97% in the previous 24 hours, a sign of growing interest from investors.
CoinMarketCap
Coinbase has not yet officially addressed the possibility of collaborating with the PENGU team. But the fact that it has chosen a Pudgy Penguins NFT avatar as its profile picture suggests that the change is more than a mere profile upgrade.
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Paul
Paul Adedoyin is a crypto journalist with 4+ years experience who provides timely news, in-depth research, and insightful content to inform and empower his audience. His works have been featured on sites such as CryptoMode, CryptoNewsFlash among others.
He holds a degree in Geophysics from OAU, Nigeria. When he’s not writing, he loves watching soccer and reading educative journals.
He can be reached via [email protected]
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