Coinbase's Pengu NFT Boost
Coinbase X Profile Update Fuels PENGU Token Surge
Coinbase's recent update to its X (formerly Twitter) profile picture, featuring a Pudgy Penguins NFT, triggered a significant price increase for the PENGU token. According to Binance data, PENGU jumped as much as 13% immediately following the change.
Market Volatility and Key Takeaways
- The profile picture change resulted in noticeable volatility in the PENGU token market.
- The price increase highlights the influence of high-profile adoption on NFT and related token prices.
This event occurred shortly after Alex, formerly with Binance, assumed the role of Head of Crypto Twitter Communications at Coinbase. This appointment aims to improve Coinbase's public communication and engagement with the crypto community.
Coinbase's announcement on X stated: "Alex took over our account for an hour. Now we're taking him over forever. Welcome to Coinbase, @AlexOnchain. (Legally we're required to point out that Alex has not technically joined forever and has a very normal employment contract with the company.) https://t.co/DmkNn2wwfd"
Alex commented on the unusual announcement saying: "Normal job announcements are boring. I had to do something different, and a Twitter takeover felt right." He further explained the company's new communication strategy focusing on being "more social native – direct, transparent and engaging."
At the time of writing, PENGU is trading around $0.023, representing a 20%+ increase over the past 24 hours. This upward momentum builds on a broader rally in the crypto market, fueled by Bitcoin's recent gains and positive regulatory developments. The SEC's acknowledgement of Canary Capital's spot PENGU ETF application has also contributed to the positive price action.
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