Rough draft of a meme market ENS registrar system. You'd register a top-level ENS name for the parent one, and it would allocate its child names according to the desires of its token holders, thus minting new child registrar tokens.

mallele-registrar.sol

contract MalleleRegistrar is HumanStandardToken, EnsRegistrar {

  // Map subnode namehashes to child instances of MalleleRegistrar.
  mapping(bytes32 => address) subMalleles;
  mapping(address => bytes32) balances;

  uint currentPrice = 1;
  uint priceIncrease = 1;
  address baseCurrencyToken;

  function MalleleRegistrar (uint initialPrice,
                             uint _priceIncrease,
                             address _baseCurrencyToken) {
    currentPrice = initialPrice;
    priceIncrease = _priceIncrease;
    baseCurrencyToken = _baseCurrencyToken;
  }

  function buyIn( subnameHash ) onlyAcceptTokens(baseCurrencyToken) {
    uint tokensDeposited = getReceivedTokens(); // Hypothetical, just imagine for now.
    uint startPrice = currentPrice;
    uint endPrice = currentPrice + tokensDeposited;
    uint avgPrice = (startPrice + endPrice) / 2;

    balances[msg.sender] += avgPrice * tokensDeposited;
    currentPrice = endPrice;
  }

  function sellOut(uint qtyDesired) {
    if (balances[msg.sender] < qtyDesired) throw;

    uint startPrice = currentPrice;
    uint endPrice = currentPrice - qtyDesired;
    uint avgPrice = (startPrice + endPrice) / 2;

    balances[msg.sender] -= avgPrice * tokensDeposited;
    currentPrice = endPrice;
    sendReserveTokensTo(msg.sender);
  }

  function spawnSubMallele (bytes32 namehash, uint purchaseSize) {
    if (subMalleles[namehash]) revert; // Do not overwrite existing malleles.
    // Malleles are forever.

    subMalleles[namehash] = new MalleleRegistrar(1, 1, this.address);
    subMalleles[namehash].buyIn.delegate_call(namehash, purchaseSize);
  }

}