Did this meme launcher really spend nearly $800,000 on a $30 hat?

Take a look, for just $30, you can get a hat like this:

However, yesterday, the founder and CEO of meme launchpad Bags, @finnbags, spent 6.8 Bitcoins (around $800,000) to purchase the same pink beanie shown in the image above.

An $800,000 premium for the "original taste" of the meme. The hat acquired by @finnbags is the same one that appeared in the prototype meme for the famous Solana meme coin $WIF(dogwifhat) back in 2018. Now, this hat will forever leave the adorable dog in the image above and be in the hands of Bags.

In this auction, another strong contender was @gr3gor14n. His highest bid reached 6.6 Bitcoins at one point. He mentioned on Twitter that his plan was to buy the hat, put it on his own dog, and launch an untethered $WIF2 coin.

@finnbags stated that he used all the proceeds from the Bags platform's meme coin $BTH to purchase this hat. Currently, the market cap of $BTH is close to $5 million.

In the tweet shown above, @finnbags mentioned that they will update the metadata of $BTH later. Additionally, both @finnbags and the official Bags account have already put on this hat in their profile pictures. Some players expect this coin to be the opening shot for Bags in the meme launchpad battle. After all, $800,000 in cold hard cash has been spent.

This morning, @finnbags tweeted again, announcing a $250,000 reward for the first meme coin on the Bags platform to break $10 million market cap and sustain it for 24 hours, with the reward to be shared among the winning token's developer and holders.

Outside of $BTH, another strong competitor is $NYAN. This project has taken the classic Nyan Cat meme and put it on the Bags launchpad, utilizing Bags' fee distribution feature to direct revenue back to the original creator of the Nyan Cat meme, @PRguitarman. This move has successfully engaged the original Nyan Cat meme creator.

Compared to the previous boop launchpad that required Key Opinion Leaders (KOLs) to personally launch tokens to unlock platform token airdrops, Bags' fee distribution feature gives creators/KOLs more flexibility. They do not need to personally mint tokens and can choose to remain silent and not claim this portion of the fee, which seems to be a gentler and more effective approach.

How high will this $800,000 marketing campaign ultimately drive $BTH? Can Bags break through the meme launchpad battle? We await eagerly.

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