MIGGLES is a new meme token with a highly coordinated marketing campaign. The meme token, linked to Coinbase’s meme cat, Miggles, is now trending and taking away attention from Ethereum and Solana meme tokens.
Mister Miggles (MIGGLES) is the new hot cat-themed token, just one asset among the many new cat-themed memes. The asset is seen as potentially expanding above $1B in total value, after a rapid rally. MIGGLES, derived from the Mr. Miggles NFT, has no utility and no direct reason to rally except for its social media presence.
The token growth also coincides with the Mister Miggles remix challenge, where users can create their remixes of the iconic cat. They can then choose to mint the items on Base blockchain, with relatively low fees. The challenge itself does not promise liquidity or utility beyond having fun and leaving an on-chain record.
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So far, the Mister Miggles remixes resulted in 23K mints on the blockchain. Top creations also get a popularity score.
The Mister Miggles image is closely tied to Coinbase’s campaigns and the Base ‘onchain summer’ message. The recognizable image immediately sparked demand for the MIGGLES meme token. The recent rally is still tame compared to other meme assets, and MIGGLES is not competing with the wave of PolitiFi tokens.
The sudden popularity of MIGGLES is also driven by a series of announcements from centralized exchanges. The token was added to Gate.IO as well, gaining more centralized liquidity. Deposits have also opened on Bitget, with trading set to start ahead of the weekend. In the initial hours of the trading, MIGGLES still relies on Uniswap for more than 40% of its volumes. The token was also added to Aerodrome, one of the most active DEX on the Base chain.
MIGGLES arrives at a time when meme tokens have an even smaller time window to gain attention. The asset has much better chances compared to user-generated tokens, though it may still display significant volatility.
/cat_cycle max bid cats asap on Solana, base, ETH#Miggles is a 1B cat
Coinbase is going to bull post this token to suck volume from ethereum and solana https://t.co/TtMqi1xn9a pic.twitter.com/QSeOi8SuZJ
— defido (@defido) July 18, 2024
MIGGLES may become top cat meme token on Base
The asset may be backed by a strong marketing campaign and become a go-to, neutral meme for Base users. The popularity of the token hinges on previous Coinbase communication, and the team even promoted the asset on a Las Vegas billboard. Despite the image use, the Mr. Miggles on Base @MrMigglesOnBase claims not to be directly affiliated to Base or Coinbase.
After the recent gains, MIGGLES has a market cap of around $81M and still a long way to go before competing with older meme tokens like SHIB or FLOKI. MIGGLES traded at around $0.09 after a day-long rally.
The big advantage of MIGGLES is that it is considered a fair launch meme asset, with no insiders or early whale buyers. Yet the popularity of Mister Miggles is drawing in aggressive traders that may increase volatility. For now, MIGGLES reveals only a few wallet clusters, with the biggest one tied to the MEXC exchange.
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Trading for MIGGLES is still relatively slim. Even ‘whale’ selling ranges between $12,000 and $31,000 orders.
The recent rally of MIGGLES is also tied to the earlier MEXC listing, which boosted price discovery. MIGGLES is also present on Uniswap, with price discovery against WETH. MIGGLES is also available on BitMart and AscendEx, among other small-scale markets. The newly launched meme token is just building up its liquidity.
MIGGLES repeats the model of the cat-themed meme, as opposed to dog or frog memes. Cats are the most neutral in meme token space, but tend to build strong communities with a focus on holding. POPCAT remains the top token on Solana, while Ethereum (ETH) has a first mover advantage with Cat Token (CAT).
The Base blockchain has the chance of adopting MIGGLES as its main cat-themed token, extending the brand of Coinbase. MIGGLES is still in the process of early distribution and price discovery, with fewer than 12K transactions since the launch. MIGGLES is also just gaining liquidity against USDT, as more exchanges announced their listings.
Cryptopolitan reporting by Hristina Vasileva
