The post Coinbase hypes Mister Miggles token to take liquidity from Ethereum and Solana appeared on BitcoinEthereumNews.com.

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. Also Read: Meme tokens’ performance signals a ‘risk-on’ market 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.…

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Filed under: News - @ July 19, 2024 1:28 pm