The Crazy Story Behind $Bagwork

PumpFun Streaming 

PumpFun, a memecoin token launchpad, recently rolled out new rewards for people who stream on their platform. For context, PumpFun is a website where you can launch a memecoin faster than you can make an Instagram account. They have a streaming feature where the dev behind the coin can livestream to potential investors and try to convince them to buy.

Before this change, the only way a dev could get paid was by selling their dev allocation. This created a perverse incentive where streamers would tell their audience to hold while secretly preparing to dump their supply.

The new reward system gives streamers a percentage of the transaction fees generated from the coin being traded. This shifts the incentive toward getting viewers to trade the token as much as possible for as long as possible.

The best way to pump a stream coin is to do insane stunts to try and go viral. 

The Bagwork Boys 

Bagwork coin was created by two 19-year-old kids who quit their jobs in hopes of getting rich and famous from a meme coin. Their first viral stunt happened at an LA Dodgers game. With “$Bagwork” written in Sharpie on their white shirts, they sat in the front row by the outfield.

One of them livestreamed while the other climbed the wall and jumped onto the field during the game. He was chased by security and eventually arrested. The clip went viral, and the boys used the creator fees to post bail.

The Slap

After leaving jail, the boys headed to Zoo Culture, a famous LA gym owned by Bradley Martyn — a bodybuilder and internet celebrity. Brad is massive and not someone you’d want to mess with… unless your goal was to go viral.

One of the boys started pressing Brad and getting him riled up. Then he tried to steal Brad’s hat. Brad snatched it back and slapped the kid on livestream. The moment was instantly clipped and spread across social media, quickly racking up millions of views.

The coin kept surging higher with each new viral moment.

Private Flight

Alon, the creator of PumpFun, heard about what the kids were doing and paid for a private plane to fly them to Vegas for the Canelo fight. They livestreamed the entire flight, still rocking their homemade Bagwork T-shirts.

Canelo Vs Crawford 

Alon also paid for ringside seats so the boys could watch the Canelo vs. Crawford fight. They livestreamed the entire event, meeting a bunch of celebrities in the crowd along the way.

Performance 

Over the course of just 60 hours, the boys made $120,000 in creator fees, while Bagwork coin surged to a market cap of over $53 million.

Currently, it’s down about 90% from its all-time high. The boys are still streaming and chasing their next viral moment. Right now, they’re in New York, hanging out with Alon.

Aftermath 

Hundreds of streams have popped up trying to recreate Bagwork’s success. From thirst traps to two guys pretending to be lights to a woman giving birth, there’s no shortage of absurd livestreams competing for attention.

These coins almost always go to zero (devs who own or bundle the supply can still rug you). If you catch a hot stream early and manage to get in and out before the hype fades, it can be a profitable trade. That said, PumpFun streams are among the riskiest bets you can make.