Solana is consolidating with cautious sentiment and a waning share of meme‑coin trading, even as broader volumes have softened. In this backdrop, BingX’s listing of Nietzschean Penguin (PENGUIN) with an $80K reward pool has stirred activity, but as many traders know, reward‑driven listings can attract short‑term liquidity without proving lasting engagement. This dynamic isn’t new. In 2024, Binance itself listed a series of meme coins, including several Solana‑based ones and around 80 % of these memecoins pumped significantly after listing, with examples like Neiro surging as much as ~7600 % post‑listing. These moves not only drove trader interest but also underscored how powerful CEX listings can be in shaping short‑term price behavior. Historically, Binance’s listings, especially of Solana and broader meme tokens have often acted as momentum catalysts for the market before sentiment cools. That pattern reinforces the idea that the real signal often comes from post‑incentive metrics like volume trends, active wallets and spreads rather than initial price reactions alone. So while PENGUIN’s listing may attract early attention, the key question remains: can engagement hold once event‑driven flows recede? Is this short‑term upside or a signal of something deeper for narrative‑led assets?

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