Look closely, for just $30, you can get a hat like this:
However, yesterday, @finnbags, the founder and CEO of the meme launchpad Bags, spent 6.8 bitcoins (about $800,000) to buy the exact same pink hat as shown in the picture above.
$800,000 premium is the 'original' value of the meme. The one purchased by @finnbags is the same hat that appeared in the prototype meme of the famous meme coin $WIF (dogwifhat) on Solana in 2018. Now, this hat will forever leave the head of the cute dog in the above image and go to Bags.
In this auction, another strong competitor is @gr3gor14n. His highest bid once reached 6.6 bitcoins. He stated on Twitter that his plan was to buy this hat and then place it on his dog's head, launching an unbundled $WIF2 coin.
@finnbags stated that he used all the revenue from the meme coin $BTH launched on the Bags platform to buy this hat. Currently, the market cap of $BTH is close to $5 million.
In the content of the tweet above, @finnbags stated that they would update the metadata of $BTH later. Additionally, @finnbags and the official Bags Twitter account have already donned this hat, and some players hope that this coin will be the first shot fired in the meme launchpad battle on the Bags platform. After all, $800,000 in real money has already been spent.
This morning, @finnbags tweeted again, announcing a reward of $250,000 for the first meme coin on the Bags platform that breaks a $10 million market cap and maintains it for 24 hours. Both the dev and holders of the winning token can share in this reward.
Apart from $BTH, another strong competitor is $NYAN. This brings the classic rainbow cat meme to the Bags launchpad, and uses the fee allocation feature of Bags to direct revenue to the original creator of the rainbow cat meme, @PRguitarman. This move successfully attracted interaction from the original creator of the rainbow cat meme.
Compared to the previous boop launchpad, which required KOLs to personally issue coins to unlock platform token airdrops, the fee allocation feature of Bags gives creators/KOLs more freedom, as they do not need to personally issue coins and can choose to remain completely silent and not receive this portion of the fee. It currently seems to be a milder and more effective way.
How high will this $800,000 marketing take $BTH? Can Bags break through in the meme launchpad battle? We will wait and see.
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