.BuildonBase is officially going live next week, and some small-cap token hunters are already laying bets on tokens, such as $TOSHI. By shauryamalwa.
his pet’s name in a podcast last year, saying the name was a derivation of Bitcoin creator Satoshi Nakamoto. His other cat’s name is Mochi.
While it may sound ridiculous, traders are punting big money on toshi tokens. Traders exchanged some $10 million worth of the meme coins on a SushiSwap, a decentralized exchange on the Base network, in the past 24 hours and provided over $1 million in ether liquidity to the trading pair. Some addresses bought over 8 ether , valued at $16,000 at current prices, worth of the tokens in a single transaction on Friday morning, data shows.Such frenzy is likely driven by traders hoping to emulate the rise of dogecoin or shiba inu – two popular tokens themed after the Shiba Inu dog breed – in recent years.
“Memecoins are a hyper-speculative and volatile class of crypto tokens. Generally, these coins lack practical uses compared to more established tokens like ETH,” Jeff Mei, COO of crypto exchange BTSE, shared in a Telegram message. “That said, each investor has their own risk appetite, and these swings in volatility do offer excellent opportunities to lock in profits as well.”
Base, built by crypto exchange Coinbase on OP Stack, went live for developers earlier in July so they could test applications and blockchain-based products before a planned launch later this year. It is scheduled to
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