Coinbase has hinted at the launch of a new memecoin, $MIGGLES, through a cryptic cat video shared on July 16, with a follow-up on July 17. The memecoin, based on the Coinbase cat mascot, has seen a rapid increase in market capitalization, reaching over $40 million in just a few days. The coin has been heavily promoted by Coinbase and its contributors, including the CTO, leading to significant investor interest. Some speculate that Coinbase aims to create a billion-dollar meme asset to divert attention from other cryptocurrencies. The coin has already surpassed $25 million in market cap and achieved a 10x increase in under 24 hours. It is expected to continue its upward trajectory on the Base platform.