Pudgy Penguin Avatar Update by Coinbase and ETF Optimism Fuel 60% Rally in PENGU

Crypto markets lit up Friday after Coinbase made a bold social media move—ditching its iconic blue logo on X and replacing it with a Pudgy Penguins NFT. The post, cheekily captioned “new pfp, who dis,” triggered immediate buzz across the industry.

Within minutes, PENGU—the native token of the Pudgy Penguins ecosystem—exploded with a 60% surge before cooling slightly. Still, the token is holding onto a solid 35% gain for the week, fueled by growing enthusiasm and speculation.

The official Pudgy Penguins account mirrored Coinbase’s move with a similar ice-blue avatar, stoking rumors of a possible partnership between the exchange and Igloo Inc., the company behind the Pudgy brand. In a ripple effect, other major crypto players like VanEck, MoonPay, and AwakenTax also adopted penguin avatars.

The impact extended beyond social media. The floor price of Pudgy Penguin NFTs, which had hovered around 9 ETH earlier in the week, skyrocketed to 11.58 ETH, according to NFTPriceFloor. NFT trading volume for the collection surged by nearly 690% in just 24 hours.

Coinbase’s penguin pivot came during a short takeover of its X account by pseudonymous Crypto Twitter personality AlexOnChain, formerly head of social media at Binance.

Soon after, Coinbase confirmed it had hired AlexOnChain as its first-ever full-time “CT Lead,” signaling a deeper push into community-driven and socially native communications.

“The new focus is making comms more social native—direct, transparent, and engaging,” Alex wrote. “That’s how we rebuild trust, highlight Coinbase’s true value to the space, and reconnect with CT. It’s a challenge—and that’s exactly why I took it.”

Adding to the momentum, the U.S. Securities and Exchange Commission (SEC) officially acknowledged Canary Capital’s filing for a spot PENGU ETF, giving further legitimacy to the ecosystem and adding fuel to the speculative fire.