PENGU has spiked 30% in the last few hours following a Coinbase X profile picture change

Solana meme coin PENGU has recorded a double-digit gain in the last 24 hours, trading at around $0.02404. The price rally has come amid Coinbase’s move to change its X profile picture to a Pudgy Penguins NFT. The change from the major crypto exchange has sparked a bullish sentiment for the meme coin.

According to market data from CoinGecko, PENGU price is up over 30%in 24 hours and up 49.3% in the last 7 days. The memecoin’s market cap has also surged over 19%, hitting $1.4 billion.

Coinbase market influence rests with PENGU

Following in Elon Musk’s footsteps, Coinbase is turning the market upside down with X movements. While the leading US crypto exchange did not directly mention PENGU, the timing of the post led to several speculations about the memecoin. 

Coinbase posted the words “new pfp, who dis” alongside the Pudgy Penguins avatar on X. Pudgy Penguind replied to the post with avatars that match Coinbase’s new profile.

Boom 🐐 pic.twitter.com/dBbqh9B3oO

— Pudgy Penguins (@pudgypenguins) July 11, 2025

Seasoned and new traders considered this action as an inference or support for the PENGU ecosystem. in addition, the surge followed the US SEC’s acknowledgment of Canary Capital’s filing for a PENGU ETF. 

The filing proposes a trade deal that carries 80% to 95% exposure to PENGU and related NFT assets. The market product makes PENGU the only meme coin other than Dogecoin (DOGE) currently associated with an ETF proposal in the US.

The hype about Coinbase’s new profile has led traders to suspect that further involvement or advertising for the project could be underway. Coinbase has yet to officially address the possibility of collaborating with the PENGU team. 

One X trader says, “This Coinbase and pudgypenguins stunt might have single-handedly started NFT summer. NFT collections across the board are getting swept to varying degrees.”

Coinbase Global Inc. (COIN) stock joins market rally

Coinbase shares climbed more than 5%  Friday to reach a new all-time high of $389, completely ignoring a rare double downgrade from investment firms. The crypto exchange stock has been riding the wave of bitcoin’s surge to new records above $117,000.

However, COIN has tanked US trading hours, now exchanging hands at $387.06

Coinbase team is set to release its Q2 2025 financial results on July 31 after market close. The release will be followed by a Q&A session with investors. The timing couldn’t be more interesting given the current valuation debates surrounding the exchange’s stock.

With a 1-year return of 72.55% and a year-to-date gain of 52.58%, the company has produced remarkable gains. With increases of 6.75% and 11.4%, respectively, the S&P 500 has lagged well behind.

Recent analyst moves have been mixed but generally supportive. Barclays raised its price target from $202 to $359, citing strong Q2 trading volume expectations. 

Coinbase acquires Deribit to strengthen trade

Coinbase is strategically growing its market share beyond simple trading services. The company is acquiring Deribit, the world’s largest crypto-options exchange by open interest and trading volume.

The company also diversifies its offerings by supporting tokenized assets and launching products like cbXRP and cbDOGE. 

Coinbase is expanding into emerging economies like Argentina and India on the global front. The company has also obtained regulatory approval in Spain, France, Singapore, and Bermuda.

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