From financemagnates by Jared Kirui
TikTok
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.
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.
Source: CoinGecko
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.
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.