Coinbase, the major US crypto exchange, recently added a new memecoin to its platform: TOSHI. This coin is named after the CEO Brian Armstrong’s dog.
A Quick Jump, Then a Dip
The listing announcement sent TOSHI’s price soaring. It jumped over 27% shortly after the news broke. However, this excitement was short-lived. The coin quickly fell, ending up lower than before the Coinbase announcement – a 5.6% drop in 24 hours.
Solana’s Memecoin Surge Causes Issues
The popularity of memecoins, especially those on the Solana (SOL) network, has been causing some headaches for Coinbase. CEO Brian Armstrong tweeted about the increased Solana activity and the resulting strain on their infrastructure. The team is working to improve their Solana infrastructure to handle the increased traffic.
Memecoin Mania Continues
TOSHI is just one of many memecoins gaining popularity. While TOSHI is on the Base network (an Ethereum layer-2 network), many others are thriving on Solana, which is becoming known as a hub for memecoin trading.
Disclaimer: Investing in cryptocurrencies is risky. Do your research before investing, and remember that you could lose money. This information is not financial advice.
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