Memecoin Named After Brian Armstrong’s Dog TOSHI Rises and Falls Following Coinbase Listing

Coinbase is officially listing a new memecoin that uses the name and likeness of the top US crypto exchange’s CEO’s pet dog.

According to a new announcement, Coinbase is officially supporting Toshi (TOSHI) starting today.

“Coinbase will add support for Toshi (TOSHI) on the Base network. Do not send this asset over other networks or your funds may be lost. Transfers for this asset are available on Coinbase and Coinbase Exchange in the regions where trading is supported.”

Coinbase is adding support for TOSHI on Base, an Ethereum (ETH) layer-2 network incubated by the exchange.

The announcement was made yesterday around 4 p.m. EST. Immediately following the announcement, TOSHI leaped from $0.00036803 to $0.00048477, an over 27% gain.

However, the dog-themed memecoin has since crashed to lower levels than before the announcement, trading for $0.0003579 at time of writing, down 5.6% overall in the last 24 hours.

TOSHI is just one of a multitude of memecoins that have exploded onto the scene in recent months. Though TOSHI is built on Base, many of the trending tokens have been supported through Solana (SOL), which is gaining a reputation as a memecoin trading network.

According to Armstrong, the surge of interest in SOL-based memecoins lately has caused operational issues for some Coinbase users.

“Team is working hard on scaling our Solana infrastructure now – lots of Solana activity last few days, we were not anticipating this level of surge.”

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