This Meme Coin Explodes by 110% Following Support From Coinbase

• Toshi (TOSHI) soared by triple digits after being embraced by popular crypto exchanges like Coinbase.
• TOSHI is not the only meme coin well in the green, with DOGE, SHIB, WIF, and many more pumping substantially.

The Coinbase Effect

The past 24 hours have been quite successful for the bulls, with numerous cryptocurrencies registering impressive price spikes. Some notable gainers include Ripple (XRP) and Cardano (ADA).

Interestingly, the lesser-known Toshi (TOSHI) is one of the tokens outperforming all cryptocurrencies in the top 100 club. 

The cat-themed meme coin, launched on multiple blockchains like Solana and Base, saw its valuation skyrocketing by over 110% on a daily scale, reaching a one-month high of $0.00036788. In the following hours, it slightly retraced and is currently trading at approximately $0.0002957.

TOSHI’s rally could be attributed to Coinbase, which added the asset to its roadmap earlier today (January 15). It is important to note that tokens in that zone must meet certain criteria before being officially listed. 

Shortly after, another well-known crypto exchange – Crypto.com – allowed trading services with TOSHI. “Crypto.com App users can now purchase TOSHI easily with USD, EUR, and 20+ fiat currencies, and spend it at over 80 million merchants globally using the Crypto.com Visa Card,” the announcement reads.

Receiving support from industry leaders like Coinbase and Crypto.com usually has a positive effect on the price of the involved cryptocurrency due to a liquidity boost, increased availability, and improved credibility. 

The same thing was observed last year when Coinbase put Tensor (TNSR) – the native cryptocurrency of the leading Solana NFT marketplace – on its roadmap section. The asset’s price shot by 70% shortly after the disclosure.

What About the Other Memes?

The meme coin sector rebounded in the past 24 hours, with Dogecoin (DOGE), Shiba Inu (SHIB), dogwifhat (WIF), ai16z (AI16Z), Akuma Inu (AKUMA), Snek (SNEK), and more, being well in the green.

The very few memes whose prices remain in the red territory include SPX6900, Peanut the Squirrel (PNUT), and some others. 

It is interesting to note that the meme coin inspired by the eponymous pet named Peanut witnessed a price increase of 30% on January 14, following support from Coinbase. Currently, though, it is worth around $0.58, representing a 7% decline on a daily scale. 

The post This Meme Coin Explodes by 110% Following Support From Coinbase appeared first on CryptoPotato.