Why Pudgy Penguins Are Winning Over Crypto Companies—And It’s Not About Web3

In recent weeks, a surprising trend has taken over the crypto industry: major players like Coinbase and OpenSea have swapped out their profile pictures (PFPs) for Pudgy Penguins. The result? A surge in both the NFT floor price and $PENGU token value. But what’s behind this shift? According to VanEck’s Web3 head Matt Bartlett, it’s not history—it’s culture.

“People care about culture, not chronology,” Bartlett noted. “Pudgy Penguins succeed because they’re lovable and relatable—not because they were first.”

The Penguin Takeover: From Coinbase to Crypto.com

It all started with Coinbase and OpenSea, who prominently updated their social media PFPs to feature Pudgy Penguins. The move quickly caught on, with Binance U.S., Kraken, Crypto.com, Phantom, MoonPay, Ledger, and CoinGecko joining the trend. While some have since reverted to other branding (reportedly due to Tron founder Justin Sun joining in), the cultural moment left a mark.

The impact? In just three days, the Pudgy Penguins NFT floor price jumped from 8.8 ETH to over 14 ETH—a 61% increase—while $PENGU surged 100%, from $0.015 to $0.30.

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NFT-Based, But Not About NFTs

What makes Pudgy Penguins different? According to Bartlett, it’s their cultural approach, not their blockchain roots.

• CryptoPunks are viewed as digital relics—important but inaccessible to most.
• Bored Ape Yacht Club (BAYC) had a flashy run with celebrity endorsements and elite events, but its aura of exclusivity has alienated casual users.

By contrast, Pudgy Penguins are cute, meme-worthy, and safe for everyone—from crypto veterans to kids. They don’t scream “Web3”; instead, they quietly build brand affinity that just so happens to be on the blockchain.

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Pudgy Penguins Won’t Save NFTs—But BAYC Might

Longtime NFT observer @jbondwagon argues that Pudgy Penguins appeal to the Web2 crowd because they don’t push the NFT narrative. Most users sharing penguin memes don’t even realize they’re part of a Web3 project.

However, he’s skeptical that this cultural success will revive the broader NFT market. That responsibility, he says, lies with BAYC, which has become a bellwether for the entire space. When NFTs soar, BAYC is seen as the symbol of wealth; when the market dips, it becomes the target of ridicule.

“If NFTs are going to make a comeback, BAYC needs to lead the charge and prove NFTs can win again,” he says.

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Mass Appeal Over Prestige

Bartlett concludes that Pudgy Penguins have no historical baggage and no need for elitist status. Their strategy is simple: be likeable, be everywhere, and stay accessible.

In a world where:

• Punks are digital art classics,
• Apes are luxury statements,
• Penguins are the people’s meme.

By shifting the narrative from investment to inclusion, Pudgy Penguins may have found the perfect formula for Web3 mass adoption.

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⚠️ Investment Risk Disclaimer

Crypto assets and NFTs involve a high degree of risk. Prices can be extremely volatile, and you could lose your entire investment. Always conduct thorough research and consult with a financial advisor before making decisions.