PENGU rises 12% to $0.023 as Coinbase adopts Pudgy Penguins NFT, with $1.2B volume and Canary’s SEC ETF filing fueling hype.
PENGU has realized a gain of over 12% in the past day, trading at $0.02227. Coinbase updated its official X profile picture with a Pudgy Penguins NFT character, which resulted in the rapid price increase.
Pudgy Penguins’ Avatar on Coinbase Incites a Frenzy as PENGU Price Increases
The timing of the post prompted a variety of speculation regarding the meme coin, even though the exchange did not explicitly mention PENGU. Coinbase posted the Pudgy Penguins avatar on X with the words “new pfp, who dis.”
Traders interpreted this action as an indication of support or inference for the PENGU ecosystem. The most recent price increase occurred just one day after PENGU demonstrated a 30% increase in price.
The US SEC’s acknowledgment of Canary Capital’s filing for a PENGU ETF catalyzed that surge. The filing suggests a basket encompassing 80% to 95% exposure to PENGU and affiliated NFT assets. This renders PENGU the sole meme coin in the United States currently associated with an ETF proposal and Dogecoin.
The token’s trading volume surpasses $1.2 billion amid an increase in ETF interest
In the crypto space, ETF filings are typically a reliable indicator of credibility. The SEC’s recognition of a filing indicates that the application has completed the preliminary approval stage.
Therefore, this is a significant accomplishment for a meme coin such as PENGU. This upward trend is further bolstered by the fact that PENGU is currently accessible on the Coinbase exchange. That listing enhances its visibility to retail investors.
The excitement surrounding Coinbase’s new profile, which is shaped like a penguin, has prompted traders to speculate that the project may receive additional support or advertising.
The 24-hour trading volume of the token also exceeded $1.24 billion, as indicated by CoinMarketCap data. The token’s current market capitalization is approximately $1.39 billion, which has increased by 28.97% in the past 24 hours, indicating that investors are increasingly interested in the token.
Coinbase has not explicitly addressed the potential for collaborating with the PENGU team. However, selecting a Pudgy Penguins NFT avatar as its profile image implies that the modification is not merely a profile upgrade.
