Coinbase announced on Jan. 14 that Toshi, a memecoin on the Base layer-2 blockchain, had been added to its listing roadmap. Following the announcement, the token doubled its value, pushing its market cap above $150 million.
Data from CoinGecko shows that TOSHI now trades at around $0.00026, up about 98% in the last 24 hours. TOSHI’s 24-hour trading volume hit $60 million. The token’s market cap sits around $114 million as of now.
Despite the recent explosion, TOSHI is still 59% below its all-time high set last April. The token’s market value peaked at $311 million at the time.
Big Toshi Pump
Inclusion on Coinbase’s roadmap often precedes spot trading listings on the exchange. This could boost their visibility and investor interest, thus positively affecting prices.
For example, Coinbase first added Peanut the Squirrel (PNUT) to its roadmap in December 2024. Following this announcement, the Solana-based memecoin shot up over 200%. The exchange officially opened trading for PNUT on Jan. 14, leading to another major surge in its price.
Toshi
TOSHI Price
If listed, TOSHI will be the second Base’s memecoin trading on the exchange, joining Degen, which was added last October.
Launched in late November 2023, Toshi is a cat-themed memecoin inspired by the cat of Coinbase co-founder Brian Armstrong. Its creation also pays homage to Satoshi Nakamoto, the pseudonymous creator of Bitcoin.
Running on Coinbase’s layer-2 network, Toshi’s goal is to be the leading memecoin within the Base ecosystem. As of Jan. 15, TOSHI is the fifth-largest memecoin on Base, behind Brett, Akuma Inu, Ski Mask Dog, and Degen.
The project team also offers an NFT initiative called NFTOSHI, featuring a collection of 3,000 unique NFTs.
will be the 2nd @base native meme to be listed @CoinbaseExch *
congratulations to the $TOSHI @Toshi_base team
* following our DEGEN spot listing in October https://t.co/MNE6am3osL
— Rishi (@0xRishi) January 14, 2025
The cryptocurrency market has seen a rebound after the Washington Post said Monday that the incoming administration is likely to take on cryptocurrency policies on its first day in office. Bitcoin surged over $97,000 on Tuesday, Ethereum was back above $3,200, and Binance Coin rallied past $700.
Most altcoins have recovered following a recent setback. Among large-cap cryptocurrencies, XRP and XLM posted the biggest gains; both saw double-digit increases.
Crypto investors are optimistic that Ripple is nearing a favorable resolution in its ongoing legal battle with the Securities and Exchange Commission (SEC). This could clarify XRP’s regulatory status and remove barriers that have hindered its growth.
A positive outcome would not only benefit Ripple but also set a precedent for other cryptocurrencies under the SEC’s scrutiny, like Solana or Cardano.
Coinbase Open to Memecoin Listing under Trump
Compared to other major exchanges, Coinbase is always more cautious when it comes to memecoin listings. However, it appears that the exchange has become more open to considering these tokens since Donald Trump won the 2024 election.
Coinbase has brought support for numerous memecoins post-election, including Pepe (PEPE), dogwifhat (WIF), Floki Inu (FLOKI), and PNUT. Its announcements often spark major spikes in the value of these tokens. Other memecoins on its roadmap are Gigachad (GIGA) and Turbo (TURBO).
In an earlier statement, Coinbase’s Vice President Tom Duff Gordon said the exchange hoped to list more lower-cap cryptocurrencies, including meme tokens under the incoming Trump administration.
Gordon noted that once the new administration provides clear guidelines for the digital asset sector, Coinbase would have opportunities to engage with projects and tokens that were previously restricted.
Crypto market participants are highly expecting a regulatory makeover once Trump’s back to the White House.
However, legal frameworks for the industry may take some time, according to experts. There are also works to be done, like Trump’s pick for Commodity Futures Trading Commission (CFTC) Chair, who will lead a federal agency that plays an important role in regulating cryptocurrencies, similar to the SEC.
Despite this optimism, Coinbase still faces legal challenges from the SEC regarding its operations. The exchange has been accused of offering trading services for tokens considered securities without proper registration.
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