Coinbase, the largest cryptocurrency exchange in the United States, has announced that it will add Toshi (TOSHI) to its listing roadmap.
Toshi is operated on the Base network and will be included in the list along with Ethereum's QCAD (QCAD) and Solana's Peanut the Squirrel (PNUT).
TOSHI Surges on Coinbase Listing Plan
Coinbase announced on X (Twitter) that Toshi has been newly added to the listing roadmap. The US-based exchange also shared the contract address of the Base-based token.
"Assets added to the roadmap today: Toshi (TOSHI)," Coinbase said.
Shortly after the Coinbase listing announcement, TOSHI surged nearly 70% before profit-taking began.
This surge is a typical reaction seen in tokens after the announcement of a listing on a popular cryptocurrency exchange. For example, Virtuals' aixbt (AIXBT), ChainGPT (CGPT), and Cookie DAO (COOKIE) recently surged after Binance announced the listing of three AI agent tokens.
In addition to the "buy the rumor, sell the news" situation, such surges occur due to the expectation of increased liquidity. Exchanges like Binance and Coinbase have high trading volumes and liquidity, making it easier for traders to buy and sell the tokens.
High liquidity reduces price volatility and allows traders to easily enter and exit positions, leading to price appreciation. Another factor is increased accessibility, which increases demand, credibility, and trust.
Along with the listing announcement, Coinbase often emphasizes the experimental label applied to newly listed assets. When TOSHI is listed on Coinbase, this label will effectively protect the new token from the volatility that comes with its relatively new status.
Coinbase's decision to include TOSHI in its future listing roadmap follows the exchange's "thorough process and criteria evaluation for legal, compliance, and technical security" that it explained.
"These criteria do not consider the market capitalization or popularity of the project," Coinbase added.
It's worth noting that Coinbase only supports two types of assets: native assets of its own network (e.g., ETH) and tokens that follow the supported token standards (e.g., Ethereum ERC20, Solana SPL, Avalanche ARC20).
"TOSHI was listed before SKI and BRETT. Coinbase has clarified the roadmap for Base tokens, and TOSHI has executed on it," a user joked on X.
