Did this meme launchpad spend nearly $800,000 on a $30 hat?
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Did this meme launchpad spend nearly $800,000 on a $30 hat?
Will the bag fly to the moon if you buy that hat?
Navigating Web3 tides with focused insightsBy: Cookie
Look closely—just $30 gets you a hat like this:
But yesterday, @finnbags, founder and CEO of meme launchpad Bags, bought an identical pink beanie for 6.8 bitcoins (approximately $800,000).
The $800,000 premium is the "authentic scent" value of the meme. The hat @finnbags acquired appeared in the original 2018 meme that inspired the famous Solana-based meme coin $WIF (dogwifhat). Now, this hat will permanently leave the head of the cute dog in the image above and enter the possession of Bags.
In the bidding war, another strong contender was @gr3gor14n, who once offered as high as 6.6 BTC. He stated on Twitter that his plan was to buy the hat, put it on his own dog, and launch an unbundled $WIF2 token.
@finnbags said he used all revenue from $BTH, the meme coin launched on the Bags platform, to purchase the hat. Currently, $BTH has a market cap close to $5 million.
As seen in the tweet above, @finnbags mentioned they could update the metadata of $BTH later. Additionally, both @finnbags and the official Bags account have now changed their profile pictures to wear the hat. Some players hope this token will become Bags' opening shot in the meme launchpad wars—after all, $800,000 in real money has already been spent.
This morning, @finnbags tweeted again, announcing a $250,000 reward for the first meme coin on Bags to reach a $10 million market cap and sustain it for 24 hours. Both the dev and holders of the winning token can share in the prize.
Besides $BTH, another strong contender is $NYAN. This brings the classic Nyan Cat meme onto the Bags launchpad and uses Bags’ fee allocation feature to direct revenue to the original creator of the Nyan Cat meme, @PRguitarman. This move successfully attracted engagement from the original meme creator.
Compared to boop’s launchpad model, where KOLs must personally issue tokens to unlock platform token airdrops, Bags’ revenue allocation feature gives creators/KOLs greater freedom—they don’t need to issue tokens themselves, and may even choose to remain silent and decline the fee share. So far, this appears to be a gentler yet more effective approach.
How high will $BTH go after this $800,000 marketing move? Can Bags break through in the meme launchpad wars? We’ll just have to wait and see.
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