The “Chill Guy” Meme Coin Just Crashed and Burned After the Artist Revoked Permission to Use His Artwork

The crypto world just saw another dramatic crash involving the “Chill Guy” meme coin, which lost nearly half its value in just 30 minutes. Why? The team behind the cryptocurrency never actually had permission to use the meme.

A recent cryptocurrency market crash has brought attention to a critical issue: intellectual property (IP) rights violations. The "Chill Guy" meme coin, which had seen remarkable success, faced a steep decline after its creators were accused of using the meme without permission.

The story began with the viral "Just A ChillGuy" meme, which gained immense popularity, especially among younger social media users. Inspired by this trend, a group of people launched the Chill Guy cryptocurrency in mid-November on Solana's blockchain. The project quickly gained traction, reaching a market cap of $561 million after being listed on Binance.

However, the project's success was short-lived. Philip Bankss, the artist behind the original Chill Guy meme, came forward, stating that he had never given anyone permission to use his artwork for a cryptocurrency. To make matters worse, he revealed that hackers had taken over his social media accounts and were posing as him to legitimize the crypto project.

This revelation prompted a swift and drastic market reaction. Investors rushed to sell their Chill Guy tokens, driving the price down from 48 cents to 26 cents in just 30 minutes. The total value of all Chill Guy tokens, known as the market cap, also dropped significantly, reaching $308 million, indicating a 15% loss in 24 hours.

The ChillGuy price chart showcases a dramatic cliff-like drop, with the token losing 45% of its value following IP rights concerns.

The Chill Guy cryptocurrency faced a steep price decline, losing nearly half its value within 30 minutes. This occurred after the artist behind the original meme, Philip Bankss, disclosed that he never permitted anyone to use his artwork for a crypto project. The market reacted swiftly, with investors rushing to sell their tokens en masse, leading to a rapid price drop.

This incident highlights a broader issue within the meme coin space, where these tokens, often inspired by viral internet jokes or trends, present inherently risky investment opportunities. Their value is primarily driven by hype and social media buzz, rather than any tangible utility or intrinsic value.

As Alex Beene, an assistant professor at the University of Tennessee at Martin, points out, meme coins have a dual nature. On the one hand, they pique the interest of many individuals who might not otherwise consider cryptocurrency, especially younger demographics. But on the other hand, these tokens tend to make the entire crypto industry appear less serious to outsiders.

After all, it can be challenging to take an investment seriously when it's based on a meme that could quickly lose popularity or become irrelevant. This incident serves as a reminder that in the largely unregulated world of cryptocurrency, it's essential to conduct thorough research before investing, especially when something appears to be merely a fun or viral trend.