Base Memecoin Explodes After Receiving Surprise Trading Support From Crypto Exchange Upbit

A memecoin built on the layer-2 scaler Base has jumped more than 50% after receiving surprise trading support from the South Korean crypto exchange giant Upbit.

Upbit listed Toshi (TOSHI) earlier this week, sending the asset from trading around $0.00063 on Tuesday to a high of $0.00112 on Wednesday morning, a low-to-high increase of nearly 78%.

The 230th-ranked crypto asset by market cap has since partially retraced and is trading at $0.000907 at time of writing. TOSHI is still up more than 52% in the past week and nearly 33% in the past month.

Toshi bills itself as “the mascot” of Base, Coinbase’s Ethereum (ETH) layer-2 scaling solution.

Explains the project’s website,

“Toshi aims to become the Face of Base and a leading figure in the burgeoning Base ecosystem. Leveraging a robust meme culture and an expanding community, Toshi strives to be the premier memecoin on Base, drawing in the masses with its significant utility and industry-recognized brand to onboard billions on-chain.”

Toshi is named after Coinbase chief executive Brian Armstrong’s cat and Bitcoin’s (BTC) pseudonymous creator, Satoshi Nakamoto.

Despite the gains this week, TOSHI remains nearly 60% down from its all-time high of $0.00226, which it hit in late January, according to data from CoinGecko.

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