BagsApp CEO Wins Dogwifhat Hat Auction for 6.8 BTC, Bags Revenue Flips Letsbonk in Marketshare

In the auction that started on August 5, Finn Bags, CEO of BagsApp, successfully secured the original pink knitted hat worn by Achi on Ord City platform, the Shiba Inu behind the viral Dogwifhat meme, with a winning bid of 6.8 BTC ($793,063).

The Bidding War Heats Up

The auction attracted multiple participants with varying strategies and ambitions.

@gr3gor14n entered with ambitious plans: buy the hat, photograph it on his own dog, and launch a new token called $WIF2 targeting a $1 billion market cap target. The strategy reflected the broader trend of meme-to-meme token creation in the cryptocurrency space.

Meanwhile, multiple memecoins operating under the Buythehat ($BTH) ticker launched simultaneously with the coordinated mission of crowdfunding the hat purchase.

The Bagsapp platform became the focal point for the fundraising campaign, hosting two separate $BTH tokens that generated significant community traction. Both tokens maintained identical commitments to direct all launch fees toward the auction bid.

However, the fundraising effort became complicated by competing interests. According to @buythehat, they launched first with established infrastructure and a clear plan, but "a second coin launched after us that gave Finn all the royalties."

In a detailed statement, Finn acknowledged the complexity of the situation, stating "I realize we have to make a decision here. I didn't know there was an OG coin but I did want to help the community support the cause of buying the hat." He indicated willingness to collaborate with the original developers, noting "If the OG dev wants to reach out to me and make his intentions clear, then we can work something out in the future, but they haven't responded to me about this."

Finn committed to using fees from the supported token to help fund the hat purchase and matching the total community raise. He also provided assurance that "If we win, I will make sure the hat goes back to the community in some way."

The original @buythehat team expressed disappointment with what they termed "PVP" behavior from the platform founder, viewing it as competition with community projects.

Auction Volatility and Extreme Bidding

The auction itself was pure theater. Bidding jumped from 6.6 BTC to 21 BTC before notable Chinese KOL, @hexiecs shocked onlookers by going straight to 100 BTC. Bidding later surged to 123 BTC, with a troll bid of 100,314 BTC from Noctavia Corporation eventually withdrawn.

The auction’s structure required only a 2,500,000 sats deposit (approximately $2,909), refunded at the end unless the winner failed to pay. This low barrier fueled speculation that some of the wildest bids were for clout rather than serious intent. The dramatic jump from 21 BTC to 100 BTC became the prime example, with the bidder's post-bid message summing up the chaos perfectly: "Don't hate the player, hate the game."

BagsApp's Big Win

Love it or hate it, Finn's strategy worked. BagsApp's marketing masterstroke paid off spectacularly, catapulting the platform to impressive market positions. Latest Jupiter data shows BagsApp claiming 13% market share in third place, behind Pump.fun's dominant 62.6% and Letsbonk.fun's 19%. On August 9th, BagsApp even briefly hit 23.5% market share, temporarily knocking Letsbonk.fun off the second-place podium.

The numbers tell the story: over seven days, BagsApp generated $3.95 million in revenue, securing the number two launchpad spot behind Pump.fun's $8.58 million.

What Happens Next?

With the hat now in Finn's possession (both he and BagsApp have updated their profile pictures accordingly), the crypto community is holding its breath for the promised community sharing details.

In a recent post, Finn outlined what the community can expect to change: "Name, Ticker, Image, Description" while emphasizing that "The CA will stay the same,"providing some clarity on the token's future direction.

Meanwhile, the $BTH token continues to trade actively at $0.0122 with a market cap of $12.2 million, down from its peak of $0.023. The token's performance reflects the community's ongoing interest despite the auction drama.

Finn has teased that this is just the beginning, hinting at bigger plans ahead.