Coinbase’s meme cat, Toshi, is making headlines in the cryptocurrency world as its value surges. Toshi, also known by its trading pair TOSHI/USD, has seen a remarkable 39.3% increase in the past 24 hours, bringing its monthly gains to an impressive 121.6%. This surge has propelled Toshi ahead of other trending memecoins like Dogwifhat, Pepe, and Bonk.
The recent spike in Toshi’s value can be attributed to a proposal made by the project on March 7. Toshi suggested allowing users to decide whether to remove the sales tax or keep it until the treasury, which currently holds 500 ETH, reaches 1000 ETH. If the tax is removed, the community plans to migrate the liquidity from the current V2 pool to a V3 pool. A vote on this proposal went live on March 11 and will last for eight days.
On-chain trader Dentoshi believes that Toshi is undervalued at $120 million and has not yet received the attention it deserves. Despite its promising chart and first-mover advantage, Dentoshi questions why Toshi’s valuation is not at $1 billion.
In the past 24 hours, Toshi has experienced a significant increase in trading volume, expanding by 178.8%. The project currently boasts 19,193 holders and liquidity worth $3.6 million, according to DEXScreener data. Well-known on-chain trader Pennski predicts that Toshi could reach a valuation of $300 million in the near future.
While the meme coin market remains optimistic about Dogecoin’s prospects, Toshi’s recent success suggests that this cat coin may be on the verge of its own bull run. As the cryptocurrency market continues to evolve and meme coins gain popularity, Toshi’s rise highlights the potential for unconventional projects to capture investors’ attention and deliver substantial returns.
As Toshi continues to gain momentum and attract interest from traders and investors, its performance will be closely watched to see if it can maintain its upward trajectory and potentially reach new milestones in the cryptocurrency space.
