TOSHI Soars on Coinbase Listing Plans

Coinbase, the largest US-based crypto exchange, indicated the addition of Toshi (TOSHI) to its listing roadmap. TOSHI, which runs atop the Base network

Crypto exchange Coinbase (NASDAQ:COIN) has indicated the addition of Peanut the Squirrel (PNUT) to its listing roadmap.

Coinbase shared the update in a post on X (Twitter), indicating that PNUT was a new addition to its listing roadmap. The US-based exchange also shared the contract address for the Solana-based token.

“Assets added to the roadmap today: Peanut the Squirrel (PNUT),” Coinbase said.

In the immediate aftermath of the Coinbase listing announcement, PNUT soared nearly 40% before profit-taking kicked in.

The surge was a typical reaction of tokens following listing announcements on popular crypto exchanges. For instance, aixbt by Virtuals (AIXBT), ChainGPT (CGPT), and Cookie DAO (COOKIE) recently skyrocketed after Binance announced the listing of the three AI agent tokens.

Besides the “buy-the- rumor, sell-the-event” situation, these surges come amid the expectation of increased liquidity. Exchanges like Binance and Coinbase have high trading volumes and liquidity, which can make it easier for traders to buy and sell the token.

Higher liquidity often leads to price appreciation, as it reduces price volatility and makes it easier for traders to enter and exit positions. Other factors at play include increased accessibility, which in turn increases demand, credibility, and trust.

Coinbase’s decision to onboard PNUT on its future listing roadmap follows what the exchange describes as a “thorough processes and standards evaluation for legal, compliance and technical security.”

“These standards do not take into account the market cap or popularity of a project,” Coinbase added.

Noteworthy, Coinbase only supports two types of assets: native assets on their own network, such as ETH, and tokens that adhere to a supported token standard, such as Ethereum ERC20, Solana SPL, and Avalanche ARC20.