Saturday, May 25, 2024

A token named after Coinbase founder Brian Armstrong’s cat is quickly emerging as a leading meme coin play on the upcoming Base blockchain, chatter among traders on social media app X, formerly Twitter, shows.

Armstrong revealed his pet’s name in a podcast last year, saying the name was a derivation of Bitcoin creator Satoshi Nakamoto. His other cat’s name is Mochi.

While it may sound ridiculous, traders are punting big money on toshi (TOSHI) tokens. Traders exchanged some $10 million worth of the meme coins on a SushiSwap, a decentralized exchange on the Base network, in the past 24 hours and provided over $1 million in ether liquidity to the trading pair.

Some addresses bought over 8 ether (ETH), valued at $16,000 at current prices, worth of the tokens in a single transaction on Friday morning, data shows.

CoinDesk - Unknown
Traders are buying toshi tokens in clips of as much as $16,000. (DEXTools)

Such frenzy is likely driven by traders hoping to emulate the rise of dogecoin (DOGE) or shiba inu (SHIB) – two popular tokens themed after the Shiba Inu dog breed – in recent years.

“Memecoins are a hyper-speculative and volatile class of crypto tokens. Generally, these coins lack practical uses compared to more established tokens like ETH,” Jeff Mei, COO of crypto exchange BTSE, shared in a Telegram message. “That said, each investor has their own risk appetite, and these swings in volatility do offer excellent opportunities to lock in profits as well.”

Base, built by crypto exchange Coinbase on OP Stack, went live for developers earlier in July so they could test applications and blockchain-based products before a planned launch later this year. It is scheduled to officially go live on August 9.

But the issuance of viral meme coin bald (BALD) last week saw traders jump in ahead of the official launch in the search for outsized returns, sending over $66 million via a one-way bridge to Base blockchain.

Edited by Parikshit Mishra.

#Toshi #Emerges #Key #Meme #Coin #Play #Among #Traders #Coinbases #Base #Blockchain

Banner Content
Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

Related Article


Leave a Reply