Chill Guy Crypto Inspired by Viral TikTok Meme Experiences Meteoric Rise, Faces Legal Trouble

A cryptocurrency dubbed Chill Guy based on a viral TikTok meme recently experienced a meteoric rise. This Solana-based meme coin reportedly went from a modest $10 million market cap to $500 million in just a few days.

A cryptocurrency inspired by a viral TikTok meme has skyrocketed in value, surging from a market cap of $10 million to $500 million in just a few days. The Solana-based meme coin, dubbed Chill Guy, was trading at $0.3682 on CoinGecko at the last check, with a market cap of $368 million.

According to Decrypt, the meme token surged in value as the TikTok meme, featuring a laid-back anthropomorphic character, went viral. The meme, which celebrates Gen Z resilience in the face of life’s challenges, has resonated strongly with TikTok users.

One lucky trader, who invested just over $1,000 in the meme coin, reportedly cashed out over $400,000 in profits while still holding tokens that were valued at the time at over $600,000. This trader's unrealized gains reportedly crossed the million-dollar mark. However, it's important to note that these paper profits can quickly evaporate in the meme coin market, which is known for its extreme volatility.

The surging popularity of Chill Guy also highlighted that TikTok, a platform that is not typically crypto-centric, could be a new avenue for introducing a different audience to the crypto space. MoonPay, a major Solana on-ramp service, reportedly saw its single largest day of transactions during Chill Guy’s peak, further suggesting that social media trends are driving fresh interest in cryptocurrencies.

However, despite its financial success, the cryptocurrency is now facing legal challenges. Phillip Banks, the creator of the Chill Guy character, is not pleased with the token.

Banks, who copyrighted the character, will be issuing takedown notices for any unauthorized profit-driven use of his creation, including merchandise and crypto tokens, according to Coindesk. This move by Banks has reportedly caused Chill Guy to drop nearly 50% from its peak.

This story is still developing, so stay tuned for updates.