Coinbase officially lists a new memecoin that uses the name and likeness of the CEO’s pet dog of the leading US crypto exchange.
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 to other networks, otherwise your funds may be lost. Transfers for this asset are available on Coinbase and Coinbase Exchange in regions where trading is supported.
Coinbase adds 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 after the announcement, TOSHI rose from $0.00036803 to $0.00048477, a gain of over 27%.
However, the dog-themed memecoin has since crashed to lower levels than before the announcement, trading at $0.0003579 at the time of writing, down 5.6% overall as of over the last 24 hours.
TOSHI is just one of many memecoins that have exploded onto the scene in recent months. Although TOSHI is built on Base, many trending tokens have been supported through Solana (SOL), which is gaining reputation as a memecoin trading network.
According to Armstrong, the recent surge in interest in SOL-based memecoins has caused operational issues for some Coinbase users.
“The team is working hard to scale our Solana infrastructure now – lots of Solana activity over the last few days, we didn’t expect this level of increase.”
Don’t miss a thing – Subscribe to receive email alerts straight to your inbox
Check Price Action
Follow us on XFacebook and Telegram
Surf the daily Hodl mix
& nbsp
Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should conduct due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generate an image: halfway
