Written by: Cookie

Notice that for just $30, you can get a hat like this:

But yesterday, the founder and CEO of the meme launchpad Bags, @finnbags, spent 6.8 Bitcoins (about $800,000) to buy a pink wool hat identical to the one in the picture above.

$800,000 premium, the 'original' value of the meme. The hat purchased by @finnbags is the one 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 little dog in the picture above and come into the hands of Bags.

In this auction, another strong competitor is @gr3gor14n. His highest bid once reached 6.6 Bitcoins. He stated on Twitter that his plan is to buy this hat and then put it on his dog's head, and launch an unwrapped $WIF2 coin.

@finnbags stated that all the revenue generated from the meme coin $BTH launched on the Bags platform was used to purchase this hat. Currently, the market cap of $BTH is close to $5 million.

As can be seen in the tweet content above, @finnbags stated that they could update the metadata of $BTH later. Moreover, currently, both @finnbags and the official Bags Twitter avatar are wearing this hat, and some players expect this coin to 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 to break a market cap of $10 million and maintain it for 24 hours. Both the dev and holders of the winning token can share in this reward.

Aside from $BTH, another strong competitor is $NYAN. This brings the classic rainbow cat meme to the Bags launchpad and uses the revenue assignment function of Bags to give income to the original creator of the rainbow cat meme, @PRguitarman. This move successfully attracted interaction from the rainbow cat meme creator.

Compared to the previous requirement for KOLs to personally issue coins to unlock platform token airdrops on the boop launchpad, Bags' revenue assignment function gives creators/KOLs greater freedom, allowing them not to issue coins themselves and also to choose to completely abstain from receiving this portion of the fees. This currently appears to be a more gentle and effective approach.

How high will the $BTH marketing of $800,000 ultimately take it? Can Bags break through in the meme launchpad battle? We shall see.