The cryptocurrency market witnessed a significant surge in memecoin activity this week, driven primarily by announcements from leading exchange Coinbase. Two Base network-based tokens, Toshi (TOSHI) and DOGINME, experienced explosive price rallies following their inclusion on the exchange's listing plans.
Toshi (TOSHI), a cat-themed memecoin inspired by Bitcoin's pseudonymous creator, skyrocketed by 120% in a 24-hour period after being added to Coinbase's listing roadmap. The token hit a daily high of $0.0003731, and despite a slight pullback, still traded around $0.0002342, marking a 68% increase. This rally pushed Toshi's market capitalization to the $100 million mark. Trading volume for the coin surged over 400% to approximately $50 million. The token's price action rebounded above the daily 50 Moving Average, a key technical indicator suggesting potential for continued upward momentum, though analysts note it must consistently close above $0.0004 to confirm a sustained bullish trend.
DOGINME saw its price climb 66% in a single day, adding to an already impressive 308% monthly surge according to Coingecko data. The catalyst was Coinbase's official announcement on March 31 that it would add support for DOGINME and Keyboard Cat (KEYCAT) on the Base network. Trading officially commenced on April 1, 2025, at 9:00 AM PT. The anticipation alone caused a massive spike in activity, with trading volume reaching $14,572,190 even before the official launch. The token quickly became a trending cryptocurrency on major tracking sites like Coingecko and CoinMarketCap.
These developments underscore the powerful "Coinbase effect"—a market phenomenon where tokens experience substantial rallies after receiving support from the major U.S.-based exchange. Coinbase's rigorous vetting process and massive user base lend immediate credibility and liquidity to listed assets. Toshi's ecosystem is supported by a network of over 489,000 on-chain holders and has achieved liquidity of approximately $1 million in Wrapped Ether (WETH).
Both tokens are built on the Base network, a layer-2 scaling solution for Ethereum, highlighting the growing intersection of memecoins and scalable blockchain infrastructure. While the rallies are notable, the market remains cautious. The memecoin landscape is highly saturated and volatile, making sustained success challenging. Analysts suggest that long-term viability for these projects will depend on their ability to innovate and differentiate themselves beyond the initial exchange listing hype.
