Key Notes
Following the Upbit listing, TOSHI’s daily trading volume spiked over 4000% to $490 million.
Exchange outflows reduced TOSHI balances by 8%, easing selling pressure.
TOSHI broke out from a cup-and-handle pattern, finding short-term support at $0.00083.
On Sept. 17, meme coin TOSHI, named after the pseudonymous Bitcoin BTC$112 575 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.
TOSHI Price Rally Grabs Limelight Amid Upbit Listing
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.
Related article: Upbit Rumored to Launch GIWA Layer-2 Chain on Ethereum Amid Asian Crypto Surge
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.
Technical Chart for the Satoshi Meme Coin
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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