The meme coin TOSHI, named after Bitcoin’s creator Satoshi Nakamoto, exploded in price on September 17. The token skyrocketed 80%, hitting an eight-month high of $0.0011 following major exchange listings that ignited a buying frenzy.
This dramatic surge has put the spotlight squarely on this emerging meme coin.
Listings Fuel a Buying Frenzy
The catalyst for the massive pump was a double dose of fantastic news for investors. First, South Korea’s largest cryptocurrency exchange, Upbit, announced its listing of TOSHI.
Simultaneously, Binance Futures launched a TOSHI/USDT perpetual contract, offering traders up to 75x leverage. This combination was explosive.
Daily trading volume surged by an incredible 4,000% to over $490 million. Upbit alone accounted for nearly 40% of this volume, demonstrating the powerful “Upbit effect” that often leads to massive liquidity and price pumps for newly listed tokens.
Bullish On-Chain Signals Emerge
The bullish momentum isn’t just visible on the price chart. Key on-chain metrics also paint an optimistic picture.
According to data from Nansen, TOSHI balances on centralized exchanges dropped by 8% following the listings. This outflow of tokens from exchanges is a classic bullish indicator, as it suggests investors are moving their holdings into private wallets for long-term storage, reducing immediate selling pressure.
Furthermore, the rally received an additional boost from news surrounding Base, the Coinbase Layer-2 network where TOSHI resides. Announcements at the Base Camp event about a potential native token exploration added positive sentiment to the entire ecosystem.
Technical Analysis: What’s Next for TOSHI?
The technical chart setup suggests the rally may have more room to run. On the 4-hour chart, TOSHI has confirmed a breakout from a bullish “cup and handle” pattern.
After the initial surge, the price entered a brief consolidation phase and found strong support near the $0.00083 level.
- Bullish Scenario: If TOSHI can hold above $0.00083 and use it as a new support base, the next logical target is the psychological resistance level at $0.0012. This would represent a further 20% gain from current levels.
- Bearish Scenario: A break below the $0.00083 support could see the price retrace to find a stronger footing before attempting another move upward.
For now, technical indicators show bulls are in control, making TOSHI a meme coin to watch closely.