Toshi Leaves Dogecoin, Shiba Inu Behind With 39% Gain: Trader Thinks Meme Coin Is Undervalued

Coinbase’s meme cat, Toshi TOSHI/USD is up 39.3% in the past 24 hours, pushing its monthly gains to 121.6% and leaving other trending memecoins like Dogwifhat, Pepe and Bonk behind.

What Happened: On March 7, Toshi proposed to allow users to decide whether the sales tax will be removed or kept until the treasury, currently sitting at 500 ETH, hits 1000 ETH.

If the tax is removed, the community will migrate the liquidity from the current V2 pool to a V3 pool. The vote went live on March 11 and will end after eight days.

Toshi’s official page tweeted on March 9:

The votes are in. 🗳️

The first #MEOWDAO proposal has concluded with 73% of the participating $TOSHI tokens favoring a donation to @standwithcrypto.

Stay tuned for our donation event, a twitter space with guest appearances, and a discussion about the significance of this vote! pic.twitter.com/t8O4MNyX3S

— TOSHI 🛡️ Base (@Toshi_base) March 9, 2024

On-chain trader Dentoshi believed Toshi is undervalued at $120 million and has not yet received the hype it deserves. While the chart looked good, it has a first-mover advantage. “Why Not 1 Billion,” the analyst asked rhetorically

Also Read: Toshi, Coinbase's Meme Cat, Sparks Billion-Dollar Price Targets: 'Just Buy It And Forget It,' Exclaims Trader

Why It Matters: In the past 24 hours, Toshi was trading 39.3% higher, with trading volume expanding 178.8%. Based on DEXScreener data, Toshi boasts 19,193 holders with liquidity at $3.6 million.

Heavily-followed on-chain trader Pennski foresees a valuation of $300 million in the next leg.

This next move from $TOSHI is going to be violent with tax being zeroed.

"Why aren't you talking about Toshi anymore" some may say

When you're in tune with the frequency of base chain, you know certain things are pre-ordained, no need to talk.

Toshi hits 300m this next leg pic.twitter.com/QSgwiEIFk7

— Pennski (@0x_Imperius) March 14, 2024

While the meme coin market is optimistic about Dogecoin’s prospects, this cat coin may witness its own bull run.

Read Next: Dogecoin, Shiba Inu Welcome Dogwifhat In $2B Market Cap Club: Why Do Dogs Dominate Cats in Crypto?

Image created using artificial intelligence with Midjourney.