I. Project introduction
MIGGLES is a cat-themed Meme token based on the Base chain. On the early morning of July 17, 2024, Coinbase officially released a teaser tweet "7.17.24", accompanied by a cat video, hinting at the upcoming release of important information. This move caught the attention of the
market, and related MEME tokens emerged, but initially did not receive widespread attention.
On the evening of that day, Coinbase officially released a one-minute short video about a cat named "Mister Miggles" who became popular because of a photo and then went viral on the internet, eventually evolving into a popular meme. To celebrate the future of the internet, Coinbase minted the content of Mister Miggles into an NFT.
In addition, Coinbase launched the "Onchain Summer" campaign, encouraging users to use Mister Miggles for secondary creation. Ten hours after Coinbase released the video, Jesse Pollak, the founder of the Base chain, bought MIGGLES and tweeted "GASLESS MIGGLES", further increasing the popularity of $MIGGLES. Subsequently, Jesse Pollak repeatedly forwarded Meme content related to Mister Miggles, bringing more popularity to the project.
Narrative Description
Mister Miggles is an ordinary cat. Due to a chance photo shoot, its photo quickly became popular on the internet and became a hot topic. Its image spread like a virus and appeared on various MEMEs and social media, becoming a part of internet culture. Coinbase saw this phenomenon and decided to create an NFT of Mister Miggles' image to commemorate this miracle.
In order to further expand its influence, Coinbase has launched the "Onchain Summer" themed event, encouraging creators to use Mister Miggles for on-chain creation. This event not only enhances community interaction and participation, but also inspires more creators to join the ranks of
blockchain creation. Creators give Mister Miggles more stories and connotations through secondary creation, making its image more colorful.
Base Chain founder Jesse Pollak expressed great support for this project. He not only purchased MIGGLES and tweeted "GASLESS MIGGLES" ten hours after Coinbase released the video, but also forwarded MEME content related to Mister Miggles on social media multiple times. His active participation and promotion brought great exposure and popularity to MIGGLES, triggering wider discussion and attention.
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III. Market value expectations
Recently, the market has rebounded and the overall atmosphere is thriving. As a Meme token, MIGGLES is easy to attract market attention. MIGGLES uses cats as its image, which to some extent breaks through the aesthetic fatigue of the previous dog/frog series. Before and after its birth, it was influenced by the official Coinbase series. First, a tweet was accompanied by a cat video. Seeing the mediocre market response, a short film was directly released, telling the story of a cat named "Mister Miggles" that eventually evolved into a popular Meme. Subsequently, Jesse Pollak, the founder of the Base chain, bought $MIGGLES and publicly interacted with and was optimistic.
Under a series of actions, it is hard not to believe that this is not Coinbase's intention. Currently, the MIGGLES market is hot, but the circulating market value is less than 70 million US dollars. Compared with the 1.44 billion circulating market value of Meme token Brett on the Base chain, it still has huge potential.
It is expected that after consuming the early profit-taking positions in the near future, it will continue to exert strength and is expected to continue to rise.
IV. Economic models and on-chain chip analysis
As of now, according to AveAI data, Mister Miggles (MIGGLES) has reached a transaction volume of $5.94 million in the past 24 hours, with more than 10,000 transactions, high market funds and user attention to the token, and active transactions.
According to the on-chain data, the number of holders of MIGGLES has reached 45,323, indicating that the token has been widely accepted and held in the client base. The current circulating market value is less than $70 million. Compared with its trading volume and holders, as well as the opportunity of the birth of MIGGLES and the series of dynamics of Coinbase, it may still have the potential to rise.
In terms of liquidity, the total amount of on-chain liquidity pools has exceeded 2 million dollars, of which 1.30 million dollars have been locked, further enhancing market user confidence. The high proportion of liquidity pool locks indicates that large investors are optimistic about the long-term prospects of the MIGGLES project, which also helps to reduce market volatility and potential selling pressure.
V. Risk Warning
1. The MEME project depends on the community active level. If the participation decreases, the project may be affected
2. As a MEME token, MIGGLES may be influenced by market sentiment and speculation, and there is a greater risk of volatility.
VI. Official links
