TOSHI, the memecoin built on the Base blockchain, has exploded in price over the past few days, sparking new excitement and speculation. The token jumped more than 64 percent in a single day, making it one of the strongest movers in the market. This surge was powered by major exchange listings and strong chart signals, pushing the token to its highest level in eight months.
The rally has lifted TOSHI’s market value past $425 million at its peak, with trading volumes also shooting higher. Now the big question is whether this momentum can last or if the run is just another short-lived memecoin spike.
The biggest trigger for this breakout came on September 17 when South Korea’s largest exchange, Upbit, listed TOSHI. The listing sent trading activity through the roof, with volume rising by more than 3,400 percent in one day. At one point, Upbit handled nearly 40 percent of all global TOSHI trades. This is a common pattern on Korean exchanges, often called the “Kimchi premium,” where new tokens see big price jumps.
Earlier listings on Binance US and Binance Futures had already set the stage by adding credibility and liquidity. Binance Futures even introduced 75x leverage on TOSHI, giving traders room to make big speculative bets that added fuel to the rally.
The wider market has also been supportive. Altcoins have been gaining ground, with the Altcoin Season Index climbing to 69, its highest in months, while Bitcoin’s dominance has dropped below 58 percent. In this environment, memecoins have led the charge, catching the attention of retail traders and risk-taking investors. On-chain data shows TOSHI’s supply on exchanges fell by around 8 percent after the listings, which means fewer tokens are available to sell, helping stabilize the price. But not all signals are bullish—the Chaikin Money Flow shows a negative reading, hinting that some capital is slowly leaving.
From a technical view, TOSHI’s breakout is tied to a nine-month symmetrical triangle pattern, with the token clearing resistance at $0.00071. This flipped the MACD into positive territory, while the RSI sits at a healthy 47, leaving space for more gains before hitting overbought levels. Earlier in September, the token also broke out of a cup-and-handle pattern that sent it briefly to $0.0011 before sellers stepped in.
Right now, the $0.00083 level looks like a key support to watch, as it matches the target from the breakout. In the short term, charts are hinting at a descending triangle pattern between $0.0006 and $0.00062. This zone overlaps with the 61.8 percent Fibonacci retracement level, making it an important area for traders. Holding above it could keep the bullish outlook alive, while slipping below may drag the price back to deeper support near $0.00053.
