A new meme coin named after Coinbase founder Brian Armstrong’s cat, Toshi, is quickly gaining popularity on the upcoming Base blockchain. Traders have exchanged over $10 million worth of TOSHI tokens in the past 24 hours on SushiSwap, a decentralized exchange on the Base network.
Some addresses have even bought over 8 ether (ETH), valued at $16,000 at current prices, worth of the tokens in a single transaction. This 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.
“Memecoins are a hyper-speculative and volatile class of crypto tokens,” said Jeff Mei, COO of crypto exchange BTSE. “Generally, these coins lack practical uses compared to more established tokens like ETH. 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.
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