Solana-Based $CHILLGUY Token Surges 80% Weekly Despite Creator’s Legal Threats

TLDR

• CHILLGUY memecoin surged 80% in 7 days, reaching $0.65 ATH and $600M+ market cap
• Based on viral TikTok meme of a smirking dog, created by Philip Banks in 2023
• Token faced legal threats from Banks for copyright infringement but continued rising
• Major exchanges Bybit and Binance recently listed CHILLGUY
• One trader turned 0.75 SOL ($160) into $6.1M profit with CHILLGUY tokens

A new memecoin based on Solana has captured the attention of crypto traders worldwide, achieving an impressive 80% price increase over seven days. CHILLGUY, inspired by a viral TikTok meme of a casually dressed smirking dog, reached an all-time high of $0.65 on Wednesday morning.

The token’s origins trace back to a simple drawing created by artist Philip Banks in 2023. The illustration, featuring a laid-back canine character, gained traction across social media platforms including TikTok, X (formerly Twitter), and Instagram, where users shared various adaptations of the meme.

The cryptocurrency’s journey began with a dramatic 400% price surge on November 20, pushing the token to $0.44 within 24 hours. This initial rally caught the attention of crypto traders and meme enthusiasts alike, sparking increased interest in the project.

However, the token’s rise hasn’t been without challenges. Banks, the original meme creator, announced plans to pursue legal action against the project for copyright infringement. This announcement temporarily impacted the price, causing a 30% drop. Yet the token showed resilience, bouncing back and continuing its upward trajectory.

The project reached new milestones this week, with the price hitting $0.56 on Tuesday afternoon before climbing another 20% to reach $0.65 early Wednesday. This surge pushed the token’s market capitalization above $657 million, though it later settled below the $600 million mark.

Just a Chill Guy On CoinGecko

Several factors have contributed to CHILLGUY’s rapid growth. El Salvador’s President Nayib Bukele shared the meme on social media as Bitcoin crossed $94,000, bringing additional attention to the project. Popular content creators also embraced the meme, with YouTuber Mr. Beast calling it the “biggest meme of our lifetime” after streamer Ninja shared his version.

The token received a boost from major cryptocurrency exchanges, with Bybit adding CHILLGUY to its spot trading platform on November 26. Binance followed suit, announcing the addition of perpetual contracts with up to 75x leverage on Binance Futures for November 27.

On-chain data reveals remarkable success stories from early investors. Analytics firm Lookonchain reported that one trader invested 0.75 SOL (approximately $160) to purchase 12.5 million CHILLGUY tokens. Within twelve days, this position grew to a value exceeding $6.1 million, though the trader now holds 9.2 million tokens.

Turned $160 into $6.14M, ​​a 38,399x return!

12 days ago, this trader spent only 0.75 $SOL($160) to buy 12.5M $CHILLGUY on https://t.co/DrKlYnPPqY, and then sold 2.8M $CHILLGUY for 149 $SOL($35.4K). #CHILLGUY

The trader still holds 9.62M $CHILLGUY($6.1M), with a total profit of… pic.twitter.com/a5tPaB3KpT

— Lookonchain (@lookonchain) November 27, 2024

The token currently ranks as the eighth-largest Solana-based memecoin by market capitalization. Some community members suggest it could surpass other popular memecoins like dogwifhat (WIF) and Popcat (POPCAT) if the current growth rate continues.

Trading activity has intensified following the major exchange listings. The addition of perpetual contracts on Binance Futures has provided traders with new ways to participate in the market, though this also introduces increased volatility risks.

The token’s presence on social media continues to grow, with meme creators and crypto enthusiasts sharing their interpretations of the CHILLGUY character. This organic community growth has helped maintain momentum even after the initial surge.

As of the latest market data, CHILLGUY trades at $0.59, representing a 23.3% increase over the past 24 hours. The token maintains strong trading volume across multiple exchanges, indicating sustained market interest.

The project’s rapid ascent places it among the fastest-growing memecoins in the current market cycle. The combination of exchange listings, social media popularity, and celebrity endorsements has created a strong foundation for continued trading activity.

Market participants note the token’s performance during its first month of trading has exceeded expectations. The quick adoption by major trading platforms suggests growing institutional interest in memecoin markets.