The Toshi memecoin, a cat-themed cryptocurrency inspired by the pseudonymous creator of Bitcoin, surged by 120% in just 24 hours following its inclusion on Coinbase’s listing roadmap.
Built on the Base network, Toshi has seen a rapid rise in popularity as it garners mainstream attention.
This development signals a significant shift for the small-cap token, as it joins the ranks of other notable memecoins on one of the world’s largest cryptocurrency exchanges.
The listing announcement has triggered increased trading activity, highlighting the broader impact of exchange support on the meme coin’s market trajectories.
Trading volume for the coin has shot up over 400% to around $50 million.
Toshi’s market growth
Toshi’s price action has been nothing short of remarkable since the Coinbase announcement. The token hit a daily high of $0.0003731, representing an over 120% increase in a single day.
The coin currently trades at around $0.0002342, still up around 68% in the last 24 hours.
Assets added to the roadmap today: Toshi (TOSHI) coinbase.com/blog/increasin…
This rally also pushed Toshi’s market capitalisation to the $100 million mark.
Despite the surge, Toshi’s price must consistently close above $0.0004 to confirm a sustained bullish trend.
The token’s price recently rebounded above the daily 50 Moving Average (MA), a significant technical indicator, suggesting potential for continued upward momentum.
The market remains cautious, with traders closely monitoring resistance levels.
Impact of the Coinbase roadmap addition
Coinbase’s decision to add Toshi to its listing roadmap highlights the evolving nature of the cryptocurrency market.
Memecoins, once considered niche or speculative, are increasingly being embraced by mainstream exchanges.
This trend not only legitimises their place in the digital asset ecosystem but also underscores the growing demand for alternative cryptocurrencies.
Toshi’s success also reflects its robust ecosystem. The token is supported by a network of over 489,000 on-chain holders and has achieved liquidity of approximately $1 million in Wrapped Ether (WETH).
Toshi’s presence on multiple decentralised and centralised exchanges has contributed to its accessibility and adoption.
Its aim to become the leading memecoin on the Base network appears increasingly within reach as it leverages its Coinbase listing to attract new users.
Challenges in a saturated market
While Toshi’s rise is noteworthy, it must navigate a highly competitive memecoin landscape.
The proliferation of thousands of similar tokens has created significant market dilution, making it challenging for any single project to maintain dominance.
Furthermore, the cryptocurrency market’s volatile nature means that Toshi’s recent gains could quickly reverse if broader market conditions deteriorate.
Despite these challenges, Toshi’s listing on Coinbase provides a critical advantage.
Coinbase’s extensive user base and reputation lend credibility to the token, potentially attracting institutional and retail investors alike.
Sustained success will depend on Toshi’s ability to innovate and differentiate itself in an increasingly crowded space.
Toshi’s explosive growth following its Coinbase listing roadmap addition marks a pivotal moment for the memecoin.
By securing a spot on one of the most prominent cryptocurrency exchanges, Toshi has demonstrated its potential to compete in a saturated market.
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