Solana co-founder Toly recently updated his X account profile picture to a penguin-themed image, sparking a notable market reaction. Following this change, the Solana-based meme coin PENGUIN experienced a surge of over 17% in value. The meme coin's market capitalization now stands at approximately $9,330, with a 24-hour trading volume of $80.6 million. Despite the surge, BlockBeats cautions that meme coins like PENGUIN are subject to high volatility and are driven by market sentiment rather than intrinsic value or utility, posing significant risks to investors.