Coinbase Adopts Pudgy Penguins NFT on X Account
- Coinbase changed its X account profile to Pudgy Penguins NFT.
- The PENGU token surged over 30% due to the change.
- The market cap reached approximately $1.4 billion.
This event marks a notable shift as it aligns with prior trends seen with meme-driven cryptocurrency surges, causing significant crypto trading excitement.
Coinbase recently updated its X profile to feature a Pudgy Penguins NFT, which is part of a broader market movement. This action aligns with a history of symbolic engagements, often leading to sharp surges in interest and trade volumes.
The profile image change by Coinbase engaged the crypto community, building on the influence of Pudgy Penguins. Active participation from both Coinbase and Pudgy Penguins on social media further amplified attention, marking the occasion as a key engagement point.
PENGU’s price spiked over 30% following the update, achieving $0.02404. Market cap volatility was notable, ranging from $968 million to $1.85 billion. The social media exchange between these stakeholders spotlights strategic branding efforts within crypto markets.
“PENGU could hit $0.060 by August 2025—a 216% gain from its July 12 high—if the ETF gains approval.” — Ali Martinez, Analyst, CryptoMetrics
Trading activity showed a significant increase as NFT volume for Pudgy Penguins rose by 690% in 24 hours. Economic implications include retail and possible institutional engagement. Shifts in investor sentiment typically follow such high-profile endorsements, impacting related assets.
Long-term expectations for PENGU’s growth tie to the SEC’s acknowledgment of a PENGU ETF proposal. Past rallies due to branding and regulatory interactions suggest potential growth, with analyst predictions extending further gains if ETF approval ensues.
These insights suggest future economic and regulatory dynamics might be influenced by the actions of large platforms, emphasizing the ripple effects across the crypto ecosystem.
