$800,000 for a $30 hat, is it a marketing spree or a strategic layout in the meme coin circle?

Look, for just $30 you can get such a hat:

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

The $800,000 premium is the "original" value of memes. The top @finnbags photographed is the one that appeared in the prototype meme of the famous meme coin $WIF (dogwifhat) on Solana in 2018. Now, the hat will forever leave the head of the adorable puppy pictured above and into the hands of Bags.

Another strong contender in this auction is @gr3gor14n. His highest bid reached 6.6 bitcoins at one point. He said on Twitter that his plan was to buy the hat, then put it on his dog's head and launch an unbundled $WIF 2 coin.

@finnbags said he used all the proceeds from the meme coin $BTH launched by the Bags platform to buy the hat. Currently, $BTH has a market capitalization of nearly $5 million.

As can also be seen in the tweet in the image above, @finnbags said they can update $BTH's metadata later. In addition, the avatars of @finnbags and Bags have already worn this hat, and some players expect this coin to become the first shot fired by the Bags platform in the meme launchpad war. After all, $800,000 of real money has already been spent.

This morning, @finnbags tweeted another tweet, announcing that it will provide $250,000 in rewards for the first meme coin on the Bags platform to break through the $10 million market cap and remain open for 24 hours, which can be shared by both the dev and holders of the winning token.

Outside of $BTH, another strong contender is $NYAN. This is to move the classic rainbow cat meme to the Bags launch pad, and use Bags' fee income allocation function to give the income to the original creator of the rainbow cat meme @PRguitarman. This move successfully attracted interaction from the original rainbow cat meme creator.

Compared to the previous boop launchpad, which required KOLs to issue coins in person to unlock platform token airdrops, the revenue assignment function of Bags gives creators/KOLs greater freedom, and they can choose to be completely silent and not receive this part of the fee, which seems to be a more gentle and effective way at present.

How high will this $800,000 marketing take $BTH in the end? Can Bags break through the meme launchpad war? We'll see.

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