Chill Guy Meme Coin Soars to $500M Market Cap on TikTok Fame

A cryptocurrency based on a viral TikTok
meme recently experienced a meteoric rise. This Solana-based meme coin, Chill Guy, reportedly went from a modest $10 million market cap to $500 million in just a few days. At the time of writing, the token traded for $0.3682 on CoinGecko, with a market capitalization of
$368 million.

Just a Chill Guy

Chill Guy, inspired by a TikTok meme of a laid-back
anthropomorphic character, has taken the crypto world by storm. The meme
resonated with Gen Z on TikTok, celebrating resilience in the face of life’s
challenges.

As the meme gained traction, the token tied to its
likeness skyrocketed in value, creating a whirlwind of speculation, Decrypt
reported. One fortunate trader, with just over $1,000 invested, reportedly
cashed out over $400,000 while still holding tokens worth more than $600,000.

Their unrealized gains reportedly crossed the
million-dollar mark. However, these paper profits remain at risk in the
notoriously unpredictable meme coin market. The surging popularity of Chill Guy highlighted that TikTok, traditionally not a crypto-centric platform, could be drawing a new
audience into the space.

MoonPay, a major Solana on-ramp service, reportedly
registered its single largest day of transactions during Chill Guy’s peak,
further fueling speculation that social media trends are driving fresh interest
in cryptocurrencies.

Legal Trouble

Despite its financial success, the cryptocurrency is facing emerging legal challenges. Phillip Banks, the creator of the Chill
Guy character, has expressed displeasure with the token.

Banks, who copyrighted the character, plans to issue
takedown notices for any unauthorized profit-driven use of his creation,
including merchandise and crypto tokens, Coindesk reported. This development
has reportedly caused Chill Guy’s value to drop nearly 50% from its peak.

Interestingly, a
recent crypto rally caused excitement around meme coins. Such tokens tied to
the top cryptocurrency, including PUPS, DOG•GO•TO•THE•MOON, and
BILLION•DOLLAR•CAT, posted significant gains.

According to CoinGecko data, some of these tokens recently
registered significant gains on the daily chart, for instance, CYPHER•GENESIS
(CYPHER), which jumped 50%. The growing interest in Bitcoin-based meme coins
came amid a shift in the underlying infrastructure.

Memecoins have become a speculative asset class when there
is low volatility in more established crypto sectors. With Bitcoin recently
hitting new highs, crypto users are shifting to meme coins to gain exposure to
Bitcoin without directly owning the asset.

This article was written by Jared Kirui at www.financemagnates.com.