Creator of Viral ‘Chill Guy’ Meme Takes Legal Action Against $500M Token
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Chill Guy, once just a viral TikTok meme, has exploded into a crypto phenomenon. A Solana-based meme coin called CHILLGUY has seen a massive surge, reaching a market cap of $455 million just days after its launch.
How did a simple meme turn into a multi-million-dollar coin?
Interestingly, Phillip Banks, the creator of the viral “Chill Guy” meme, is unhappy with the rise of the CHILLGUY memecoin, which soared over 1,000% in a single day, hitting a $500 million market cap. Banks, who has legally copyrighted the meme, has announced plans to issue takedown notices for any profit-driven uses, including unauthorized merchandise and the token itself.
His legal threats have sparked humorous responses on Crypto Twitter, with traders suggesting Banks accept Solana tokens or money to “keep the fun going.”
TikTok Fuels Viral Crypto Hype
The rise of the CHILLGUY token was fueled by TikTok, where “normies”—non-crypto users—created videos on how to buy the token, generating widespread interest. This trend led to a speculative frenzy, with crypto enthusiasts scouring TikTok for new viral tokens. However, the speculative nature of such memecoins often leads to extreme volatility, with rapid surges followed by sharp declines once the hype dies down. As of now, CHILLGUY’s value is almost 50% lower than its peak earlier in the week.
The Struggle of Memecoins in a Hype-Driven Market
Memecoins, like CHILLGUY, rise quickly due to social media trends and hype but often collapse just as fast. While they can generate massive short-term gains, the long-term value is typically uncertain, leaving many investors with significant losses once the excitement fades. The rapid rise and fall of these tokens highlight the speculative nature of meme-driven assets, which are more influenced by online narratives than by solid fundamentals or community support.
Despite the excitement, the memecoin’s creator’s legal threats have already created a rift in the market, making it unclear whether the meme will continue to drive profits or fade into the speculations.
In the meanwhile, When CHILLGUY launched on November 19, its market cap was just $21.25 million. Since then, it has shot up by an incredible 2,041%, now sitting at $455 million. The current price of CHILLGUY is $0.4147, with a 94.9% increase in just the last 24 hours.
The rise of CHILLGUY is a prime example of how social media trends are shaping the crypto market. Meme coins, like CHILLGUY, are becoming increasingly popular among Gen Z, highlighting the growing connection between social media and cryptocurrency. Moreover yesterday we reported how a teenager created and sold his memecoin on social media making a huge profit within just seconds of its launch. Social media hype has always helped memecoins as a lot of celebrities also endorse these low-budget coins. Yet it’s better to do your research before investing in such risky assets.
What do you think will be the future of these hyped memes?
