The price of the TOSHI meme coin reached an ATH of $0.00226 on January 26th. What has caused this meme coin to grow so strongly?
What predictions for the TOSHI price in the future? Let's explore this further in this article.
What has caused the TOSHI coin price to rise sharply?
Data from BeInCrypto shows that the TOSHI coin price has created a peak not long after the time of writing. Although the price has since declined in the general context of the entire market, especially when the BTC price returned below the $100,000 mark, the strong price increase has led people to expect that TOSHI could become a new potential meme coin on the Base network.
Analyzing the recent price increase of the TOSHI coin, BeInCrypto has identified the following factors that have contributed to its success.
Firstly, the meme coin takes its name from the cat of Coinbase CEO Brian Armstrong. Although there is no evidence that this is a meme coin created by Armstrong himself, the fact that TOSHI "piggybacks" on the influence of the Coinbase CEO has also quickly attracted the attention of the community. What has made the community even more FOMO with the TOSHI meme coin afterwards is the fact that the Coinbase exchange announced that it would consider listing it in the future. After this move, the TOSHI price quickly reached an ATH.
Secondly, the meme coin fever is still truly captivating at the moment. After missing out on the Official TRUMP or MELANIA meme coins, investors are hoping for a new meme coin project that can bring them big profits. That's why they are pouring their attention into hunting for meme coins that piggyback on famous people like ELON or Official BARRON Trump. In addition, the Solana network has also become a support for these emerging meme coins. With the positive effects that Base is currently possessing, it is not difficult for people to believe that there will be a meme coin on Base that can soon surpass TRUMP or MELANIA.
TOSHI Price Forecast: Will it go the same way as TRUMP or MELANIA?
As BeInCrypto has shared in previous articles, after the peak FOMO period, the prices of TRUMP or MELANIA seem to be gradually returning to their inherent value. So will the upward trend of TOSHI follow this scenario of TRUMP or MELANIA?
At the time of writing, the TOSHI token price is being traded at $0.001262, recording a decrease of nearly 43% from the ATH. This price decline has brought TOSHI's market capitalization back to over $530 million.
Observing the TOSHI/USDT 4-hour chart, it appears that this token price is at an important moment. Currently, it is near a demand zone, which could be a support that could bring two results. A recovery from the demand zone could create an upward momentum, pushing the TOSHI price to $0.0015. However, a further adjustment from the current level could cause the price to drop to $0.000516 before stabilizing and attempting to recover.
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