Pay attention, 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 beanie that is identical to the one in the picture above.

The $800,000 premium represents 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 little dog in the picture above and go to Bags.

In this auction, another strong competitor was @gr3gor14n. His highest bid reached 6.6 bitcoins at one point. He stated on Twitter that his plan was to buy the hat, then put it on his dog's head, and launch an unbundled $WIF2 coin.

@finnbags stated that all the revenue 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.

In the tweet shown above, @finnbags mentioned that they could update the metadata of $BTH later. Additionally, both @finnbags and the official Bags Twitter account have already donned this hat, leading some players to 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 $250,000 reward for the first meme coin on the Bags platform to break a $10 million market cap and maintain it for 24 hours. The developers and holders of the winning token can share in this reward.

Besides $BTH, another strong competitor is $NYAN. This brings the classic rainbow cat meme to the Bags launchpad and uses the revenue assignment feature of Bags to allocate income 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 revenue assignment feature of Bags gives creators/KOLs greater freedom, allowing them to either not participate in issuing coins or choose to remain completely silent and not claim this portion of the fees. So far, this seems to be a more gentle and effective approach.

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

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