Memecoin Mania: A Coin Inspired by a Viral TikTok Meme is Trading at a Market Capitalization of Nearly Half a Billion Dollars

A coin inspired by a viral TikTok meme is trading at a market capitalization of nearly half a billion dollars, prompting a wave of internet celebrities

A new coin inspired by a viral TikTok meme is now trading at a market capitalization of nearly half a billion dollars, prompting a wave of internet celebrities to try their luck in the memecoin trenches.

The smirking cartoon dog wearing casual clothes is named ‘Just a Chill Guy’ and was created by artist Philip Banks last year. The character has been making the rounds on social media, with users identifying with its calm and cool demeanor.

The CHILLGUY token launched via the Solana platform PumpFun on Nov. 15. One week later, it’s trading at a $420 million market cap and has amassed an astonishing 120,000 holders – more than PNUT and GOAT, according to HolderScan.

The token is sustaining momentum despite Banks threatening the project with legal action.

“Chill guy has been copyrighted. Like, legally. I'll be issuing takedowns on for-profit-related things over the next few days,” Banks said on Nov. 21, prompting the CHILLGUY token to briefly plunge by 50%.

In response, the community has created a donation wallet for Banks, hoping to get his endorsement. It currently holds roughly $300,000 in various tokens, primarily CHILLGUY.

It remains unclear whether Banks will be amenable to a compromise, as he has taken his X account private.

Meanwhile, more influencers are trying their hand at memecoins, with mixed results. Mark Kacy, who has over 5 million followers on TikTok, endorsed a KACY token on Nov. 21, sending it soaring to a $70 million market capitalization.

Retail is Here

As Bitcoin flirts with $100,000, a new cohort of retail investors is piling into the memecoin casino.

Moonshot, an app which offers easy access to Solana memecoins through its partnership with MoonPay, broke its single-day onramp record on Nov. 19.

With the Phantom wallet and Coinbase moving higher in app store rankings, it’s pretty clear that retail is here and ready to play.