Recent tokens listed on Binance are performing poorly compared to the overall crypto market, indicating that price discovery is happening on decentralized exchanges. Pudgy Penguins (PENGU) and ChainGPT (CGPT) are the only recent launches not crashing. Decentralized exchanges are now for price discovery, while centralized exchanges are for exit liquidity. On-chain activity is at new highs, with decentralized exchanges surpassing centralized counterparts in spot trading volume.

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