Coinbase’s New Pudgy Penguin Profile, ETF Speculation Drive PENGU Up 60%

A playful move by Coinbase sent ripples through the crypto space on Friday after the exchange swapped its signature blue logo on X for a Pudgy Penguins NFT, captioned with the cheeky phrase, “new pfp, who dis.”

The change ignited a rapid rally in PENGU, the native token of the Pudgy Penguins ecosystem, which surged over 60% before easing slightly. Despite the pullback, PENGU remains up more than 35% this week, buoyed by growing interest and speculation.

Not long after Coinbase’s switch, the official Pudgy Penguins account matched the gesture, adopting a similar ice-blue avatar. The coordinated shift spurred rumors of a potential partnership between Coinbase and Igloo Inc., the startup behind the Pudgy Penguins brand. Several other prominent crypto firms, including VanEck, MoonPay, and AwakenTax, joined the trend, replacing their profile pictures with Pudgy Penguins as well.

The excitement spilled over into the NFT market. The floor price for Pudgy Penguins NFTs, previously sitting near 9 ETH earlier this week, spiked to 11.58 ETH, according to NFTPriceFloor. Trading volume for the collection soared nearly 690% in just a single day.

Coinbase’s penguin-themed rebrand came during a brief takeover of its X account by pseudonymous crypto personality AlexOnChain, who previously led social media efforts at Binance.

Following the stunt, Coinbase revealed it’s bringing AlexOnChain onboard as its first full-time “CT Lead,” tasked with steering the company’s presence on Crypto Twitter and fostering deeper community engagement.

“The new focus is making comms more social native—direct, transparent, and engaging,” Alex shared. “That’s the path to helping people appreciate everything Coinbase has contributed to the space, and to reconnect with CT. It’s a big job, and that’s why I took it.”

Adding to the buzz, the U.S. Securities and Exchange Commission (SEC) recently acknowledged a filing from Canary Capital for a spot PENGU ETF, further fueling optimism and attention around the Pudgy ecosystem.