 surged nearly 90% after listings on Binance Futures and Upbit, pushing volume above $424M and enabling a whale to secure $1.4M profit.){kind=link}
Toshi (TOSHI), a memecoin native to the Base blockchain, saw a blistering surge of nearly 90% today, as a result of a series of listings by centralized exchanges (CEXs).
Most notably, TOSHI was listed on Binance Futures and Upbit, two of the largest exchanges in the cryptocurrency economy.
Binance Futures launched the perpetual contract TOSHI/USDT with up to 75x leverage, which significantly enhanced speculation.
At the same time, Upbit, Korea’s largest crypto exchange, facilitated just under 40% of TOSHI’s volume today.
Both listings contributed to TOSHI’s visibility and legitimacy as a hot new asset for retail traders and institutional players alike.
Market Performance Surges With Trading Volume Above $424 Million
As of the current date, TOSHI is trading at $0.0009724 with a trading volume of $424.6 million in the last 24 hours, representing a gain of 64.15% in the last 24 hours and a gain of 71.11% in the previous week.
The token now has a market cap of $416.4 million with a circulating supply of 420 billion tokens. Today’s rally is noteworthy in that daily trading volume is up 2,400% compared to the previous day.
On-Chain Data Reveals Whale Profits and Exchange Outflows
Via on-chain analysis performed through Onchain Lens, a significant whale entity captured a profit of more than $1.4 million from the rally experienced today.
This whale is likely the holder of three wallets, which pumped 7.25 billion TOSHI (approximately $6.15 million) on Coinbase after it withdrew those tokens for $4.74 million roughly two months ago.
Additionally, data shared from Nansen indicated that the total amount of TOSHI held on exchanges decreased by 8% today from 121.1 billion TOSHI to 111.1 billion TOSHI.
Outflows on exchanges decrease selling pressure due to reduced amounts of tokens for sale on exchanges, creating a more favourable trading environment for prices to go up.
Also Read: Optimism ($OP) Token Surges by 13% Following Major Listing on South Korea’s Upbit Exchange
Market Catalysts Add to TOSHI’s Momentum
In addition to listing the token on exchanges and whale buying, other ecosystem developments have contributed to the bullish sentiment around TOSHI.
At its Base Camp conference, the Base blockchain, which is the host chain for the token, told attendees that it is exploring plans for a native network token.
With TOSHI being widely recognized as the unofficial meme representative of the Base ecosystem, this is being construed as an environmental endorsement of TOSHI, and is further adding to confidence in the token’s growth.
The combination of exchange exposure, some speculative leverage trading, and ecosystem development has created a perfect storm for TOSHI to rally.
Other Recent Exchange Listings Spark Market Reactions
TOSHI’s surge in price is consistent with a larger trend in the crypto space, which indicates the impact that listing tokens on an exchange can have on token price.
On August 18th, we reported that Binance announced that it was hosting a Plume Network ($PLUME) HODLer airdrop, which caused the price of PLUME to rise by 17%.
Also, on August 29th, Bithumb announced it was listing Camp Network ($CAMP) with KRW trading pairs, leading to a 16% price increase, according to UnoCrypto.
UnoCrypto also reported that Openledger Token ($OPEN) price surged to $1.44 on September 10th after a listing announcement on Upbit, which gave it a market cap of $285 million briefly until it experienced a minor correction.
These developments suggest that exchange listings remain one of the most impactful mechanisms that shape token price performance, and TOSHI’s situation is the latest confirmation of this reasoning.
Also Read: Upbit Announces $CYBER Korean Won And USDT Trading Pairs Listing Driving A 78% Surge in Price