In the last 24 hours, the meme coin PENGU surged by over 30%, trading at around $0.02404, attributed to a profile change from Coinbase.
Overview of PENGU's Gain
PENGU has recorded an over 30% increase in 24 hours and a 49.3% rise in the last week, reaching a market cap of $1.4 billion. This reflects a general positive trend in the market.
Coinbase's Market Influence
Coinbase altered its profile on X to feature a Pudgy Penguins NFT avatar, sparking speculation about support for PENGU. Although Coinbase did not directly mention PENGU, the actions fueled interest in the meme coin. One trader commented, 'this might have kickstarted NFT summer.'
Coinbase's Acquisition Strategy of Deribit
Coinbase is strategically expanding its market share by acquiring Deribit, the largest crypto-options exchange by open interest. This move will support their intent to develop new products and expand into new markets like Argentina and India.
The surge in PENGU and the actions of Coinbase highlight the volatility and potential of meme coins and NFTs, as well as the significance of strategic decisions made by major players in the crypto industry.
