Toshi, a memecoin named after Coinbase CEO Brian Armstrong's cat, has surged 35% on the day, with traders predicting further upside.

What Happened: The project announced on X that it has overhauled its website to create "seamless ecosystem onboarding." 

The price increase followed a surge in interest in cryptocurrency trading, which took the ranking of the Coinbase (NASDAQ: COIN) app from 422 to 128, according to MilkRoad, a crypto newsletter.

The spike in interest was further evidenced by a Coinbase outage on Feb. 28, with users reporting zero balances. Armstrong stated that the exchange was dealing with “large surge of traffic,” which later was remedied.

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Why It Matters: Crypto traders on social media are bullish on the Coinbase memecoin, with one tweeting that the “first billion dollar memecoin on BASE chain is going to be either $BRETT or $TOSHI”.

Another crypto trader stated that he is “super bullish on $TOSHI being the no 1 launchpad token on Base.” Base is Coinbase's layer-2 blockchain based on Ethereum.

The trader went on to say that if Toshi can execute and become the go-to launchpad for all Base projects “yield will go crazy and prices will lead.”

The example of Dogwifhat (CRYPTO: WIF), which went from zero to a $1 billion market capitalization, shows that memecoin fortunes can turn on a dime.

Whether Toshi can put in a significant rally like its dog-themed rivals remains to be seen.

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Price Action: Toshi is trading at $0.0001734, making it the second most valuable cat-themed coin with over $70 million in market capitalization. Its 24-hour trading volume increased by 17% to $1.1 million on the price increase.

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