Crush the graham crackers into fine crumbs and mix in a bowl with sugar, shredded coconut, and melted butter. Press into a greased 9x9-inch baking dish and chill for 30 minutes.

Whisk together instant vanilla pudding mix and cold milk in a bowl for about 2 minutes until thick. Stir in coconut extract and let sit for 5 minutes.

Spread the thick pudding mixture over the chilled graham cracker crust evenly.

Toast the shredded coconut in a dry skillet over medium heat for 5 minutes until golden brown. Cool slightly and sprinkle over the Cool Whip topping.

Cover the dish and refrigerate for at least 4 hours. Slice into squares before serving.