Is spending 800,000 dollars to buy a 30-dollar hat a marketing frenzy in the meme coin circle or a strategic layout?

Please pay attention, for just $30, you can get a hat like this:

However, yesterday, the founder and CEO of the meme launchpad Bags, @finnbags, spent 6.8 bitcoins (about $800,000) to buy an identical pink beanie as the one in the picture above.

The $800,000 premium is 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 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 and then put it on his dog's head, launching 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 content shown in the picture 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, and some players hope that this coin will be the first shot fired in the meme launchpad battle by 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, with both the dev and holders of the winning token able to 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 issue coins personally 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 ultimately take $BTH? Can Bags break through in the meme launchpad battle? We shall see.

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