Phillip Banks, creator of the viral ‘ChillGuy’ meme, has taken action against unauthorised uses of his character for copyright reasons. In this context, Banks announced that he plans to issue legal removal notices. This brought a turmoil in the crypto markets. This move led to fluctuations in the meme coin community. It triggered a sharp drop in the market capitalisation of Chill Guy (CHILLGUY) before a quick recovery.
How did a simple meme turn into a multi-million dollar coin?
Interestingly, Phillip Banks, the creator of the viral ‘Chill Guy’ meme, is not happy with the rise of the CHILLGUY meme coin project, which surged over 1,000% in a single day to a market capitalisation of $500 million. Banks legally owns the copyright to this meme. Banks took action for unauthorised products and for-profit uses, including tokens. Accordingly, he announced plans to issue takedown notices. His legal threats sparked humorous reactions on crypto Twitter. Traders suggested that Banks accept Solana tokens or money to ‘keep the fun going’.
TikTok virals fuel meme coin hype
Interestingly, even non-crypto users made videos on how to buy the token. This aroused widespread interest. Therefore, the rise of the CHILLGUY token was supported by TikTok virals. This trend led to a speculative frenzy. Also, crypto enthusiasts searched TikTok for new viral meme coin projects. However, the speculative nature of such meme coins often leads to extreme volatility. Because, when the excitement subsides after rapid rises, sharp declines in the prices of these meme coins occur.
CHILLGUY exploded despite the controversy!
At the time of writing, CHILLGUY’s value is almost 50 per cent lower than its peak earlier in the week. However, when CHILLGUY was launched on 19 November, its market cap was just $21.25 million. Since then, it has increased by an incredible 2,041% to $455 million. The current price of CHILLGUY is $0.4147. Moreover, despite the recent controversy, the token increased by 95% during the day.
The struggle of meme coin projects in the hype-driven market
Meme coins like CHILLGUY rise rapidly due to social media trends and hype. However, they often collapse just as quickly. While they can deliver big gains in the short term, the long-term value is often uncertain. It also leaves many investors with significant losses when the excitement subsides. The rapid rise and fall of these tokens highlights the speculative nature of meme-driven assets, which are influenced by online narratives rather than solid fundamentals or community support.
Despite the excitement, legal threats from memecoin’s creator have already created a rift in the market. It is unclear whether the meme coin will continue to be profitable or whether it will be lost in speculation. The rise of CHILLGUY is a prime example of how social media trends are shaping the crypto market. As you have been following on Kriptokoin.com, meme coins are becoming increasingly popular among Generation Z. This emphasises the growing connection between social media and cryptocurrency.
Follow us on Twitter, Facebook and Instagram, and join our Telegram and YouTube channel to stay up to date with breaking news !
