Another cat-themed MEME goes viral, with the Base ecosystem token MIGGLES rising over 900 times

Author: Nancy, PANews

MEME has become one of the important leverage points in the competition among mainstream public chains, especially with Ethereum and Solana occupying a major share of the market, making them key battlegrounds for players. Currently, the MEME track on Base also seems to be on the verge of an explosion.

In recent days, the MEME project Mister Miggles on Base has topped the Base hot search list with a maximum increase of over 900 times in just three days since its launch, thanks in part to Coinbase's support and the popularity of the cat theme.

The movements of popular projects are often the focus of investors' attention. In the early hours of July 17, Coinbase officially released a tweet previewing "7.17.24" accompanied by a cat video, hinting at the release of important information. Subsequently, market funds reacted by launching related MEME tokens, but they did not attract much market attention.

That evening, Coinbase officially released a one-minute short film, which mainly tells the story of a cat named "Mister Miggles" that went viral after being liked in a photo, appearing everywhere and even evolving into a MEME. Coinbase minted the content of Mister Miggles as an NFT to celebrate the future of the internet. At the same time, Coinbase launched the "Onchain Summer" themed event, encouraging creators to start projects on-chain to gain more control, fairness, and profits, with all proceeds going to support emerging creator funds.

As of the publication of this article, the Mister Miggles NFT has been minted over 55,000 times, with more than 29,000 holders, and the promotional video for Mister Miggles has also received over 380 views. Meanwhile, due to "Onchain Summer" encouraging users to create secondary content using Mister Miggles, the community has produced a considerable number of related MEMEs, many of which have also achieved thousands of minting volumes.

Mister Miggles Secondary Creation

After this tweet was released, the derived MEME coin $MIGGLES attracted the attention of market funds. Ten hours after Coinbase released the video, Base founder Jesse Pollak brought more popularity to $MIGGLES by spending 0.3 ETH to buy $MIGGLES and tweeting "GASLESS MIGGLES," and Jesse Pollak has since retweeted related MEMEs of Mister Miggles multiple times.

According to DEX Screener data, shortly after its launch, $MIGGLES surged over 939 times in just three days, with its market cap briefly exceeding $73 million. The explosive rise of $MIGGLES has also allowed some investors to reap substantial profits. For example, on-chain analyst @ai_9684xtpa monitored that smart money 0xB98…ED7dA achieved a return rate of 6258% trading MIGGLES. This smart money spent 2.6 ETH to buy 19.13 million MIGGLES at an average price of $0.00047 after the token launch. Currently, this address has sold 75% of its holdings for a profit of $279,000 and still holds 4.64 million.

Currently, cat-themed MEME projects have become a key target for market speculation, but whether Base can continue to capture more MEME traffic through the story of Mister Miggles remains to be seen over time.