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Show your limitless creativity with Gate Blue!
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4. Submissions must be original and comply with community guidelines. Plagiarism or re - 🎉 The #CandyDrop Futures Challenge# is live — join now to share a 6 BTC prize pool!
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Post original content on Gate Square related to WXTM or its
Did this Meme launchpad spend nearly $800,000 to buy a $30 hat?
Written by: Cookie
Notice, for only 30 dollars, you can get a hat like this:
But yesterday, the founder and CEO of the Meme launchpad Bags, @finnbags, spent 6.8 bitcoins (approximately 800,000 USD) to purchase a pink beanie identical to the one in the above image.
The premium of 800,000 USD is the "original" value of the Meme. The hat snapped up by @finnbags is the one 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 this cute little dog in the picture above and go to Bags.
In this auction, another strong competitor is @gr3gor14n. His highest bid once reached 6.6 Bitcoins. He stated on Twitter that his plan is to buy this hat, then put it on his dog's head and launch an unbundled $WIF2 coin.
@finnbags stated that he used all the revenue from the Meme coin $BTH launched on the Bags platform to purchase this hat. Currently, the market capitalization of $BTH is close to 5 million dollars.
In the tweet content shown above, @finnbags stated 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 launch battle on the Bags platform. After all, 800,000 dollars of real cash 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 surpass a market value of $10 million and maintain it for 24 hours. Both the dev and holders of the winning token will be 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 Bags' fee income allocation feature to direct 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 situation where KOLs had to personally issue tokens to unlock platform token airdrops on the boop launchpad, the income allocation feature of Bags gives creators/KOLs greater freedom, as they do not need to personally issue tokens and can also choose to remain completely silent and not receive this portion of the fee. It currently seems to be a milder and more effective approach.
How high will the $BTH reach in this $800,000 marketing campaign? Can Bags break through the competition in the Meme launchpad battle? We shall see.