Coinbase, America’s biggest cryptocurrency trading platform, has signaled its intention to list Toshi (TOSHI) in the future.
Toshi, operating on the Base platform, has been added to the roster that includes Ethereum‘s QCAD (Quick Contract Assembly and Deployment) and Solana’s Peanut the Squirrel (Peanut).
TOSHI Soars on Coinbase Listing Plans
Coinbase announced in a Twitter post that Toshi is a new coin they plan to list, and they provided the contract address for the Toshi token, which operates on the Basis network.
“Assets added to the roadmap today: Toshi (TOSHI),” Coinbase said.
Immediately following the announcement of its listing on Coinbase, I observed a significant surge in the value of TOSHI, reaching approximately a 70% increase. However, this growth was soon tempered by profit-taking among investors.
The spike was a common response of tokens after they were announced for listing on well-known cryptocurrency exchanges, such as aixbt by Virtuals (AIXBT), ChainGPT (CGPT), and Cookie DAO (COOKIE). For example, these three AI agent tokens soared following Binance‘s announcement that it would list them.
Apart from the “buy-on-rumor, sell-on-fact” scenario, these price spikes occur due to heightened anticipation of enhanced market fluidity. Platforms such as Binance and Coinbase, with their substantial trading volumes and liquidity, facilitate easier transactions for traders in buying and selling tokens.
Boosted liquidity tends to cause prices to rise because it lessens price fluctuations, making it smoother for traders to buy and sell assets. Additionally, enhanced liquidity leads to higher accessibility, which boosts demand due to factors like credibility and trustworthiness.
When announcing the listing of TOSHI on their platform, Coinbase also emphasized that they would assign an experimental tag to this newly listed asset. This label is commonly used for freshly added tokens and serves to clearly identify them due to their recent introduction. The experimental tag helps shield the new token from market volatility by signaling its inexperience.
According to Coinbase, they plan to add TOSHI to their upcoming list of assets, which is based on a comprehensive review of its legality, compliance, and technical security aspects.
As an analyst, I’d rephrase it like this: “I find that these standards overlook both the market value and public appeal of a given project, according to my observations from Coinbase.
Significant to mention, Coinbase primarily deals with two categories of assets: assets native to their respective networks, like ETH, and tokens that comply with the standards supported by those networks, such as Ethereum’s ERC20, Solana’s SPL, or Avalanche’s ARC20.
A user on X stated that TOSHI is ranked above SKI and BRETT because they are builders, and this is the reason it’s listed higher. Additionally, Coinbase has been transparent about the necessary roadmaps for base tokens, and TOSHI has successfully followed through with these requirements.
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2025-01-15 14:22