Why Chillguy Meme Creator is Threatening For Legal Action After Memecoin Blew 4000%?

by

As a seasoned analyst with a decade of experience in the cryptocurrency market, I must say that the Chillguy memecoin phenomenon is nothing short of extraordinary. Having witnessed the rise and fall of numerous digital assets, it’s safe to say that the hype around this particular token is reminiscent of the Doge or Shiba Inu mania we saw in 2021.

2024 saw the rise of memecoins, with numerous profitable tokens experiencing significant growth for their owners. Currently, these meme-inspired cryptocurrencies boast a total market capitalization of $115.94B and a daily trading volume of $27.47B. One such popular meme-themed crypto, Chillguy, has been dominating the crypto market for several days, setting new records, but its success may be halted as the creator of the meme has threatened legal action against users who have misused his image without permission.

What’s the Hype Around Chillguy Memecoin?

As a researcher, I found myself delving into the fascinating world of viral internet sensations in 2023, specifically focusing on the rise of the Chill Guy meme. Originating from the creative mind of artist Philip Banks, this meme gained unprecedented popularity on TikTok. Remarkably, it was adopted by hundreds of users, who used it as a canvas for their own humorous interpretations. The central figure of this meme is a cartoonish animal, casually dressed in a sweatshirt, jeans, and sneakers, with an intriguing air of nonchalance conveyed through the position of its hands tucked neatly into its pocket.

Surprisingly, this year, someone created a meme-themed crypto on Solana referencing the image. Interestingly, that became super popular in the crypto market, building the hype around Solana Memecoins, as it is closer to attaining a market cap of $500M within three days of launch. Along with ruling the internet, the Chillguy memecoin is attracting thousands of investors. Even El Salvador President Nayib Bukele has endorsed the meme by simply posting the meme.

Initial purchasers of the token are already experiencing substantial profits. For instance, one crypto investor put in $233.89 when it was offered on Pump.fun. Incredibly, within just 30 hours, the Chillguy memecoin skyrocketed a staggering 38,800%, earning the trader almost $1 million. Unfortunately, not everyone struck it rich as some sold too early, like this investor who could have transformed his $205 into $10 million but instead sold prematurely. In summary, these events underscore the token’s extremely optimistic prospects.

1 $SOl and a dream!

The 33.95M $CHILLGUY this trader bought with 1 $SOL($205) is now worth more than $10M! #CHILLGUY

But he sold all of it early at 1.6 $SOL($349).

— Lookonchain (@lookonchain) November 21, 2024

Token Surged 4000% With 24 Hours

On November 19th, the new memecoin Chillguy made its debut in the cryptocurrency market and saw an incredible surge of 4000% by the next day, marking one of the largest crypto token rallies ever. This massive increase attracted a significant number of traders to the Solana ecosystem through Moonpay’s on-ramp service, as they eagerly bought this token. Consequently, Chillguy’s market capitalization skyrocketed from $11.5 million to an impressive $488 million.

At the same time, the Solana price also witnessed a significant surge, currently trading at $246.36. However, the same rally is full of ups and downs, as the meme token has dropped 31% from the ATH of $0.4797 set 11 hours ago. It is currently trading at $0.3635 with a market capitalization and trading volume of $356.9M and $885.3M per Coingecko.

Meme Creator Threatens For Legal Action

In the midst of all the excitement, the creator of the meme, Philip Banks, decided to make his X account private. This move indicates his dissatisfaction with how his artwork is being utilized in the crypto project. He has distanced himself from the success of this meme coin but invites users to show their admiration for his creations in different ways. Furthermore, he has warned that he may take legal steps against anyone using his art for profit-making assets or applications.

The relaxed individual has been officially protected by copyright law. In the coming days, I’ll be enforcing takedowns on any unlawful commercial uses, Banks clarified on X. He added that he doesn’t mind brand accounts leveraging him as a trend, but requests credit or Xbox gifts in return. However, his main focus is on stopping the production and sale of unauthorized merchandise and cryptocurrencies without his permission.

Currently, the creator voices displeasure over the growing buzz around Chillguy memecoins, while some in the crypto community urge him to boost the token further. Some even propose he demands 2% of the token supply for his satisfaction. However, it remains unclear what will follow next, but Philip’s dissent may potentially harm the token’s prospects.

Read More

2024-11-21 19:14