Coinbase Hires AlexOnchain as Crypto Twitter Lead, PENGU Token Surges 60%

Coinbase has appointed AlexOnchain as its inaugural Crypto Twitter Lead, marking a significant step in the company's efforts to bolster its social media presence and engage more deeply with the crypto community. This strategic hire underscores Coinbase's commitment to enhancing its digital outreach and fostering stronger connections with its audience.

AlexOnchain, known for his community-building efforts at Binance, brings a wealth of experience to his new role. His expertise is expected to drive improved engagement and brand visibility for Coinbase. The appointment is part of a broader strategy to strengthen relationships within the DeFi and Web3 communities, focusing on media strategy rather than financial ventures. The primary goal is to expand engagement and improve communication across various platforms.

Coinbase's decision to hire AlexOnchain follows a notable event where the company changed its profile picture on X to a Pudgy Penguins non-fungible token (NFT). This move, accompanied by the quip “new pfp, who dis,” sparked a significant surge in the PENGU token’s price. The PENGU token, which is the native token of the Pudgy Penguins ecosystem, experienced a rally of over 60% before a correction, but it remains up over 35% for the week. This change in Coinbase's avatar had a ripple effect across the NFT market, lifting the floor price of Pudgy Penguin NFTs and increasing their trading volume by nearly 690%.

The official Pudgy Penguins account mirrored Coinbase's move, leading to speculation about a potential partnership between Coinbase and Igloo Inc., the startup behind the Pudgy Penguins collection. Various crypto-related firms, including VanEck, MoonPay, and AwakenTax, have since changed their profile pictures to pudgy penguins, further amplifying the trend. The stunt has also lifted the floor price of Pudgy Penguin NFTs, which was earlier this week around 9 ETH, and quickly jumped to 11.58 ETH. The volume for the project’s NFTs grew nearly 690% in the last 24 hours.

Coinbase's avatar change was orchestrated during a short account takeover by AlexOnChain, who previously led the social media account of a leading cryptocurrency exchange for four years. Following the takeover, Coinbase announced that they are hiring AlexOnChain as their first full-time “CT Lead” to improve social media engagement. AlexOnChain expressed excitement about the new role, stating that the focus will be on making communications more social, direct, transparent, and engaging. This strategic move aims to build a bigger appreciation for Coinbase's contributions to the cryptocurrency space and to reconnect with the community.

The surge in PENGU’s price also coincides with the U.S. Securities and Exchange Commission's consideration of Canary Capital’s filing for a spot PENGU ETF. This development adds to the growing anticipation and bullish sentiment in the cryptocurrency market. The potential approval of a Bitcoin ETF could have a significant impact on the broader cryptocurrency market, potentially driving up the prices of various digital assets, including NFTs. While the approval of a Bitcoin ETF remains uncertain, the anticipation surrounding this event has contributed to the overall bullish sentiment in the market.

In summary, Coinbase's decision to change its avatar to a Pudgy Penguin has had a profound impact on both the PENGU token and the Pudgy Penguin NFT market. The 60% rally in PENGU tokens and the significant increase in the floor price and trading volume of Pudgy Penguin NFTs demonstrate the power of strategic branding and market sentiment in the cryptocurrency industry. As the market continues to evolve, it will be interesting to see how other major players respond to these developments and what new opportunities they may create for investors and collectors alike.