Key Takeaways
Coinbase’s switch to a Pudgy Penguins NFT for its X profile picture sent PENGU token soaring up to 13%.
The change led to noticeable volatility in the PENGU token market.
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PENGU token jumped as much as 13% after Coinbase updated its official X profile picture to a Pudgy Penguins NFT, according to Binance data.
Coinbase’s new profile photo comes on the heels of Alex, formerly with Binance, taking on the role of Head of Crypto Twitter Communications to enhance the firm’s public messaging and community ties.
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
— Coinbase 🛡️ (@coinbase) July 11, 2025
“Normal job announcements are boring. I had to do something different, and a twitter takeover felt right,” Alex said in a Friday statement.
“The new focus is making comms more social native – direct, transparent and engaging. That’s the path to building a bigger appreciation for everything they’ve contributed to this space (which is a lot), and to help reconnect with ct. They’re already working on it, and I’ve joined to be a part of that change,” he added.
At the time of writing, PENGU changed hands at around $0.023, up over 20% in the last 24 hours. The token has regained upward momentum since Wednesday, as Bitcoin’s rally has lifted the overall crypto market.
In addition, positive regulatory developments, with the SEC having recently acknowledged Canary Capital’s spot PENGU ETF application, also helped boost its momentum.
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