In what appeared to be a serendipitous event, Coinbase posted a charming GIF of a Miggle cat on July 16th, hinting at a new product in development.
Just seven minutes later, a meme token named $MIGGLES was created on the Base chain. This meme token skyrocketed by 2500% as a result.
Actually, we think it was just a lucky coincidence On July 16th, Coinbase posted a cute GIF of a Miggle cat to hint at a new product they were working on. 7 minutes later, a meme token called $MIGGLES was created on the #Base chain: https://t.co/TI0JpXDKNa
Over the next 2…
— iCrypto | Sentiment & On-chain Analysis (@iCryptoAI) July 18, 2024
According to data from iCrypto, over 150 Smart DEX Trader wallets participated in trading $MIGGLES within 48 hours. The largest purchase came from wallet 0xe915, which now holds $124.29K worth of $MIGGLES, representing 55.5% of the wallet’s total balance.
Meme $MIGGLES increased by 2500% because of being shilled by @coinbase?
Data from iCrypto shows that more than 150 Smart DEX Trader wallets had participated in trading #MIGGLES in less than 48 hours.
Wallet 0xe915 (https://t.co/JUrACrJzwJ) made the largest purchase,… https://t.co/hTX0ebzm14 pic.twitter.com/foEt6bFwOZ
— iCrypto | Sentiment & On-chain Analysis (@iCryptoAI) July 18, 2024
In the following days, as Coinbase’s new feature attracted significant user attention, $MIGGLES was frequently used by Coinbase as a media element. This inadvertent promotion caused the token’s price to soar even further.
This event underscores the powerful impact that social media and influencer endorsements can have on the cryptocurrency market, especially in the meme token space. The rapid rise of $MIGGLES highlights the volatility and speculative nature of these digital assets, driven by timely and engaging content.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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