Meme coin TOSHI price rallied 80% on September 17, hitting an eight-month high of $0.0011, following its listings on Binance Futures and Upbit exchange.
By Bhushan Akolkar
Editor Julia Sakovich
Updated
3 mins read
On Sept. 17, meme coin TOSHI, named after the pseudonymous Bitcoin BTC $115 760 24h volatility: 0.5% Market cap: $2.30 T Vol. 24h: $43.60 B creator Satoshi Nakamoto, was listed on South Korea’s top crypto exchange Upbit. TOSHI price shot up 80%, with daily trading volumes surging 4000% to more than $490 million, with strong bullish sentiment among traders.
Earlier on Sept. 17, meme coin TOSHI rallied all the way to $0.0011, thereby hitting an eight-month high. At current levels, the token is trading 50% above its September low and more than 800% higher than its lowest point earlier this year.
The TOSHI price rally comes following the listing on Binance Futures and South Korea’s Upbit exchange. The launch of the TOSHI/USDT perpetual contract on Binance, offering up to 75x leverage, has fueled speculative trading activity.
Meanwhile, Upbit, South Korea’s largest exchange, accounted for nearly 40% of TOSHI’s daily trading volume. Upbit listing usually provides a major liquidity pump, leading to a strong price rally, as recently witnessed with Treehouse (TREE).
Data from Nansen showed further bullish momentum, with TOSHI balances on exchanges falling 8% from 121.1 billion to 111.1 billion tokens following the listings.
TOSHI exchange balance on decline | Source: Nansen
Exchange outflow is typically a bullish indicator that suggests easing selling pressure for TOSHI. In addition, Coinbase’s Layer-2 network Base, the blockchain hosting the TOSHI meme coin, recently disclosed at its Base Camp event that it is exploring the launch of a native network token. The news may have further boosted TOSHI’s rally.
On the 4-hour chart, TOSHI has confirmed a breakout from a cup-and-handle pattern following today’s sharp rally. This bullish formation signals a reversal from previous downtrends and hints at the potential for a sustained upward move. The pattern’s neckline was set at $0.00068, with the cup bottom around $0.00053.
TOSHI price sees cup-and-handle breakout | Source: TradingView
After the surge, TOSHI entered a brief consolidation phase but appears to have found support near $0.00083. Maintaining above this level could reinforce bullish momentum.
Technical indicators also favor buyers, with the Bull-Bear Power showing dominance by bulls in the short term. A decisive rebound above $0.00083 would likely confirm it as a new support level. This potentially clears the path for a rally toward the psychological resistance at $0.0012, roughly 20% above the current price.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
