CHILLGUY Meme Coin Tanks 14% Amid Plagiarism Controversy: What’s Next?

by

As a seasoned analyst with over two decades of experience in the ever-evolving world of finance and technology, I have seen my fair share of controversies that can shake the foundations of even the most promising projects. The recent plagiarism allegations surrounding the CHILLGUY meme coin are no exception.

As a researcher delving into the dynamic world of cryptocurrencies, I’ve been captivated by the phenomenon that is the CHILLGUY meme coin. For quite some time now, this chill anthropomorphic canine has been the center of attention across the internet and the crypto industry. Yet, alongside its widespread appeal, controversies have also arisen. One such controversy revolves around allegations of plagiarism raised by online users, which led to a significant drop in CHILLGUY’s value – approximately 14% within just a day.

CHILLGUY Meme Coin Might Be Plagiarised From Thailand

In October 2023, the Just a Chill Guy meme coin made its debut on social media, with Philip Banks initially claiming credit for its creation. Contrary to expectations, however, Philip showed disdain towards using his artwork in promotions and the development of meme cryptocurrencies. As a result, he issued a legal warning on platform X. More recently, a Reddit post has surfaced, casting doubt on the authenticity of Philip’s claims and stirring up controversy over potential plagiarism.

A user on Reddit posted an image of what appears to be a Thai booklet, sparking doubts about whether the meme could be a case of plagiarism. The character in this booklet, instead of being called CHILLGUY, is referred to as RELAX BOY, and his face has been replaced with the dog from the CHILLGUY meme coin. However, there’s some ambiguity regarding when this booklet was published, with some saying it’s six years old while others claim it’s eight.

In my analysis, I find that there’s insufficient data about this booklet at hand, and it seems incomplete without accompanying documents. It’s intriguing to note that some individuals harbor suspicions regarding the use of AI technology for producing this seemingly fabricated reference. On a related note, skepticism among investors persists as they question whether this could be an attempt to artificially inflate enthusiasm around the CHILLGUY meme coin, potentially manipulating its market performance.

CHILLGUY Price Dropped 14% But Will Recover If

Amidst the ongoing dispute about ‘Just A Chill Guy’, the price of CHILLGUY has plummeted by 14%, now sitting at $0.1792. Consequently, its market value has dipped to approximately $179.18 million. However, there’s been a 6% spike in trading activity, suggesting heightened investor engagement. Despite the seemingly minor controversy, substantial selling pressure has built up around the token, contributing to a downward trend.

Based on technical analysis using TradingView charts, it appears that the CHILLGUY meme coin is currently experiencing a strong selling phase. The moving averages across all timeframes and MACD line reinforce this downward trend. Additionally, the Relative Strength Index (RSI) suggests that the current trends may persist, but it’s also nearing an oversold region. If the token were to enter the oversold territory, there could be a shift in direction towards a bullish trend, potentially sparking robust buying interest and assisting in the recovery of CHILLGUY’s price. Other technical indicators seem to suggest a similar pattern, but only if buyers choose to enter the market.

What’s In There For You?

As an analyst, I’ve noticed a significant surge in interest for meme coins on the Solana network this year, with numerous creators launching thousands of cryptocurrencies. One such coin, CHILLGUY, has been embroiled in a plagiarism controversy due to claims that its origin is traced back to a Thai booklet character named RELAX BOY. However, the absence of concrete evidence has left many questioning the authenticity of these claims, suggesting they may be designed to artificially inflate CHILLGUY’s price.

Read More

2024-12-26 11:18