PENGU has gained greater than 12% through the previous day to commerce at $0.02227. This fast value positive aspects comes after Coinbase up to date its official X profile image with a Pudgy Penguins NFT character.
Coinbase’s Pudgy Penguins Avatar Sparks Frenzy as PENGU Price Rises
While the change didn’t immediately point out PENGU, the timing of the put up led to varied hypothesis in regards to the meme coin. Coinbase posted on X the phrases “new pfp, who dis” alongside the Pudgy Penguins avatar.
Traders thought-about this motion as an inference or help for the PENGU ecosystem. The newest value acquire is going on solely a day after PENGU confirmed a 30% acquire in value.
That surge adopted the US SEC’s acknowledgment of Canary Capital’s filing for a PENGU ETF. The submitting proposes a basket that features 80% to 95% publicity to PENGU and associated NFT belongings. This makes PENGU the one meme coin apart from Dogecoin at the moment related to an ETF proposal within the United States.
Token’s Trading Volume Shoots Above $1.2B as ETF Buzz Grows
ETF filings are normally an indicator of credibility within the crypto area. When the SEC acknowledges a submitting then it means the applying has handed a preliminary approval stage.
Hence, it is a big achievement for a meme coin like PENGU. What additional enhances this uptrend is that PENGU is already out there on the Coinbase change. That itemizing gives it with visibility to retail traders.
The hype about Coinbase’s new profile with the form of a penguin has led merchants to suspect that additional involvement or promoting for the undertaking might happen.
Meanwhile, the token’s 24-hour buying and selling quantity additionally soared above $1.24 billion, in accordance with CoinMarketCap data. The present market cap of the token is now roughly $1.39 billion after rising by 28.97% within the earlier 24 hours, an indication of rising curiosity from traders.
Coinbase has not but formally addressed the opportunity of collaborating with the PENGU workforce. But the truth that it has chosen a Pudgy Penguins NFT avatar as its profile image means that the change is greater than a mere profile improve.
Paul
Paul Adedoyin is a crypto journalist with 4+ years expertise who gives well timed information, in-depth analysis, and insightful content material to tell and empower his viewers. His works have been featured on websites reminiscent of CryptoMode, CryptoNewsFlash amongst others.
He holds a level in Geophysics from OAU, Nigeria. When he is not writing, he loves watching soccer and studying educative journals.
He will be reached by way of [email protected]
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