Coinbase, the largest cryptocurrency exchange in the United States, has added Toshi (TOSHI) to its listing roadmap.
TOSHI operates on the Base network, joining the list alongside Ethereum's QCAD (QCAD) and Solana's Peanut the Squirrel (PNUT).
TOSHI Soars on Coinbase Listing Roadmap
Coinbase announced the update on X (Twitter), showing that TOSHI is a new addition to the listing roadmap. The exchange also shared the contract address for the Base-based Token.
"New assets added to the roadmap today: Toshi (TOSHI)," Coinbase said.
Following the listing announcement by Coinbase, TOSHI has surged nearly 70% before profit-taking emerged.
This surge is a typical reaction of Tokens to listing announcements on popular cryptocurrency exchanges. For example, Virtuals' aixbt (AIXBT), ChainGPT (CGPT), and Cookie DAO (COOKIE) have recently spiked after Binance announced the listing of these three AI-related Tokens.
In addition to the "buy the rumor, sell the news" phenomenon, this surge also comes from the expectation of increased liquidation. Exchanges like Binance and Coinbase have high trading volume and liquidation, making it easier for traders to buy and sell Tokens.
High liquidation often leads to price increases, as it reduces price volatility and helps traders easily enter and exit positions. Other factors may also include increased accessibility, which increases demand, credibility, and trust.
Alongside the listing announcement, Coinbase also highlighted a trial label that may be applied to newly listed assets. When TOSHI is listed on Coinbase, this label will help distinguish a new Token, protecting it from volatility due to its recent appearance.
Coinbase's decision to add TOSHI to its future listing roadmap is the result of a "thorough legal, compliance, and technical security review process" by the exchange.
"These standards do not consider market capitalization or project popularity," Coinbase added.
Notably, Coinbase only supports two types of assets: native assets on their networks, such as ETH, and Tokens that comply with a supported Token Standard, such as Ethereum ERC20, Solana SPL, and Avalanche ARC20.
"TOSHI was listed ahead of SKI and BRETT because they have built things. Coinbase clearly required the necessary roadmap for native Tokens, and TOSHI has delivered on this," a user on X commented.
