Coinbase shook up the crypto world on Friday when it swapped its iconic blue logo on X for a Pudgy Penguins NFT, accompanied by the playful line, “new pfp, who dis.”
The unexpected move sparked an immediate rally in PENGU, the native token of the Pudgy Penguins ecosystem. PENGU shot up more than 60% at its peak before pulling back slightly, though it’s still boasting a weekly gain of over 35%.
Soon after Coinbase’s profile change, the official Pudgy Penguins account mirrored the new look, sporting an ice-blue penguin avatar. The synchronized shift set off speculation about a possible collaboration between Coinbase and Igloo Inc., the company behind the Pudgy Penguins project. Other big names in crypto—including VanEck, MoonPay, and AwakenTax—jumped on the trend, updating their profiles with Pudgy Penguins imagery.
The buzz spilled over into NFT markets as well. Pudgy Penguins’ floor price, which hovered around 9 ETH earlier this week, surged to 11.58 ETH, according to NFTPriceFloor. Trading volume for the collection skyrocketed nearly 690% in just 24 hours.
The profile picture switch was part of a brief takeover of Coinbase’s X account by AlexOnChain, a well-known pseudonymous figure on Crypto Twitter who previously led social media at Binance.
Shortly afterward, Coinbase announced that AlexOnChain would be joining its team as the company’s first full-time “CT Lead,” focused on strengthening the exchange’s engagement with the crypto community.
“The new focus is making comms more social native—direct, transparent, and engaging,” Alex wrote on X. “That’s how we build deeper appreciation for Coinbase’s contributions to the space and reconnect with CT. It’s a big job, and that’s why I took it.”
Further fueling the excitement, the U.S. Securities and Exchange Commission (SEC) acknowledged a filing by Canary Capital for a spot PENGU ETF, adding a layer of institutional intrigue to the ecosystem’s momentum.
