Bags CEO Spends $800K on WIF Prototype Hat to Boost $BTH
Bags, a Solana-based meme launchpad, saw its founder and CEO @finnbags pay 6.8 BTC (about $800 000) for the original 2018 WIF (dogwifhat) prototype hat at auction. Rival bidder @gr3gor14n reached 6.6 BTC aiming to mint WIF2. @finnbags financed the purchase using revenue from the platform’s meme token BTH, which now has a market cap near $5 million. Following the win, Bags updated BTH’s metadata and updated its official avatars to feature the hat, underlining a major marketing push. Additionally, Bags announced a $250 000 reward for the first meme coin on its launchpad to achieve and maintain a $10 million market cap for 24 hours, with rewards split between developers and holders. Another contender, NYAN, attracted attention by directing platform fees to the original Rainbow Cat meme creator via Bags’ fee-assignment feature. These high-profile moves aim to drive liquidity and elevate Bags in the competitive meme launchpad sector.
Bullish
This bold $800 000 auction for the WIF prototype hat and the $250 000 incentive program are likely to drive trader interest and liquidity into Bags’ meme tokens. Historically, high-profile marketing actions and reward schemes have spurred short-term price spikes in meme coins. By leveraging exclusive NFT auctions and funding mechanisms, Bags enhances platform visibility and attracts speculative capital. In the short term, BTH and other launchpad tokens may see increased trading volumes and price appreciation. Long term, sustained incentives and creator-friendly features like fee assignment could strengthen user engagement and platform growth, supporting a bullish outlook for meme launchpad tokens.