RSTR's Robin Hood Hat Strategy Spikes OSRS Item Prices
A new memecoin called RSTR has been launched on Robinhood Chain via the Pons launchpad. The token's mechanics are inspired by MicroStrategy's Bitcoin strategy, but instead of buying a traditional asset, the treasury fund buys virtual headgear from the game Old School RuneScape (OSRS).
Every purchase or sale of RSTR incurs a 1% fee, with 70% going back to the token creator. The creator then uses this collected ETH to buy OSRS Bonds, which are exchanged for gold pieces, the in-game currency, and used to buy more Robin Hood hats.
The price of the hat has skyrocketed, rising from 700,000 GP to over 14 million GP in just a few days. The token's market capitalization reached around $6 million in just a few days, with some speculating that this experiment could be the beginning of a new wave in MemeFi.
However, there are concerns about the sustainability of this mechanism and the potential for Jagex to ban involved accounts, which could increase the rarity of the hats and fuel speculation further.