A memecoin named after Coinbase co-founder Brian Armstrong’s cat is surging after the top US crypto exchange added the digital asset to its listing roadmap.
Toshi (TOSHI), a memecoin built on the Ethereum (ETH) layer-2 scaling solution Base, soared by triple percentage points as Coinbase made the announcement.
A day before the listing, TOSHI hit a low of $0.00001161 and then surged to a high of $0.0003679 after the news, a 216% gain.
The memecoin has since retraced. TOSHI is trading for $0.0002953 at time of writing. With a market cap of $126.5 million, TOSHI is the 507th largest crypto project.
Coinbase uses the listing roadmap for transparency and to prevent insider trading on coins prior to them being listed. Being placed on the listing roadmap means the firm has determined the asset will likely be available for trading in the future.
The Toshi project says the memecoin was named after Armstrong’s cat as well as the pseudonymous creator of Bitcoin (BTC), Satoshi Nakamoto, and is meant to serve “as the face and mascot of Base.”
Says the project.
“Toshi aims to become the face of Base and a leading figure in the burgeoning Base ecosystem. Leveraging a robust meme culture and an expanding community, Toshi strives to be the premier memecoin on Base, drawing in the masses with its significant utility and industry-recognized brand to onboard billions on-chain.”
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