According to the analyst, who goes by the pseudonym Ignas, PENGU and CGPT are the only recently launched tokens that have not experienced a full-blown plunge following Binance's listing. As of press time, PENGU is trading at $0.028, down 60% from the price level of $0.07 it reached on the day of its listing on the exchange, while CGPT is down 4.7% since its listing on January 10. Meanwhile, memecoin Simon Cat (CAT) and Magic Eden's native token ME have fallen about 70% since its listing. Mr. Ignace sees this as a positive shift for the market: "Previously, price discovery took place in the private venture capital market with CEX [centralized exchange] as exit liquidity. Now DEX [decentralized exchange] is in charge of price discovery and CEX is in charge of exit liquidity." Ignace cites the listing of Velodrome (VELO) as an example to further highlight this new dynamic. After Binance created a trading pair for VELO tokens on its platform, its price fell by nearly 70% and is currently at $0.1154 as of press time. The reason behind this change is the dominance of traders classified as "smart money" among decentralized exchanges. In addition, Ignas also pointed out that having exiting liquidity flows such as centralized exchanges is healthy for the market.