Why Chillguy Meme Creator is Threatening For Legal Action After Memecoin Blew 4000%?

Memecoins are the trendsetter of 2024, where hundreds of highly profiting tokens made serious gains for their holders. With that, these meme-themed cryptocurrencies contain $115.94B in market cap, facilitating $27.47B in trading volume. One such meme-themed crypto, Chillguy, has been trending in the crypto market for days, achieving new highs, but is about to face a big halt, as the meme creator has threatened the users for copyright violation on using his created image.

What’s the Hype Around Chillguy Memecoin?

An artist named Philip Banks created a Chill Guy meme in 2023. Interestingly, it went super viral on TikTok, where hundreds of people used it to post memes. Philips’s creation is a cartoonish animal, wearing a sweatshirt, jeans, and sneakers. More importantly, his hands are tucked in his pocket, giving a chill look.

Surprisingly, this year, someone created a meme-themed crypto on Solana referencing the image. Interestingly, that became super popular in the crypto market, building the hype around Solana Memecoins, as it is closer to attaining a market cap of $500M within three days of launch. Along with ruling the internet, the Chillguy memecoin is attracting thousands of investors. Even El Salvador President Nayib Bukele has endorsed the meme by simply posting the meme.

Some of the token’s early buyers are already holding high returns on the token. Its prime example is this crypto trader, who invested $233.89  while it was available on Pump. fun. Surprisingly, within 30 hours, the Chillguy memecoin pumped 38,800%, making nearly $1M for the trader. However, not all turned lucky as some sold really early, including this trader who could have turned his $205 investment into $10M but ended up selling early. Overall, this confirms the highly bullish side of the token.

1 $SOl and a dream!

The 33.95M $CHILLGUY this trader bought with 1 $SOL($205) is now worth more than $10M! #CHILLGUY

But he sold all of it early at 1.6 $SOL($349).https://t.co/HOLQLJUjFK pic.twitter.com/2MiU1bni5W

— Lookonchain (@lookonchain) November 21, 2024

Token Surged 4000% With 24 Hours

Chillguy memecoin entered the crypto market on Tuesday, November 19, and surged 4000% by Wednesday, showcasing the biggest crypto token rally. During this time, the on-ramp service witnessed the biggest single-day Solana transaction per Moonpay, indicating traders flocking to the Solana ecosystem to buy this token. As a result, the tokens market cap grew from  $11.5 to $488 million.

At the same time, the Solana price also witnessed a significant surge, currently trading at $246.36. However, the same rally is full of ups and downs, as the meme token has dropped 31% from the ATH of $0.4797 set 11 hours ago. It is currently trading at $0.3635 with a market capitalization and trading volume of $356.9M and $885.3M per Coingecko.

Meme Creator Threatens For Legal Action

Amid all the hype, the meme creator, Phillip Banks, private his X account, expressing his unhappiness with his art usage in the crypto project. He has separated himself from this memecoin success but has asked for users’ appreciation for his creation in other ways. Moreover, he has threatened to take legal action for the usage of his art for profit-related assets or applications.

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 X. “not like brand accounts using him as a trend, that’s kinda something i dont really care about (i do just ask for credit. or xboxes.), mainly unauthorized merchandise and shitcoins.

Meanwhile, the creator is expressing unhappiness with the Chillguy memecoins hype, and the crypto community is asking for his support to push the token ever higher. Some even suggested he should ask for 2% of the token supply and live happily. For now, it is uncertain what will happen next, but Philip’s disagreement could affect the token negatively.

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Pooja Khardia

With a deep-seated passion for reading and five years of experience in content writing, Pooja is now focused on crafting trending content about cryptocurrency market.

As a dedicated crypto journalist, Pooja is constantly seeking out trending topics and informative statistics to create compelling pieces for crypto enthusiasts. Staying abreast of the latest trends and advancements in the field is an integral part of her daily routine, fueling a commitment to delivering timely and insightful coverage

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.