In 2024, Memecoins have become the trendsetter in the cryptocurrency market, with hundreds of highly profitable tokens making significant gains for their holders. These meme-themed cryptocurrencies have amassed a total market capitalization of $115.94B and a trading volume of $27.47B. One such meme-themed crypto, Chillguy, has been trending in the crypto market, reaching new highs. However, the meme creator has threatened legal action against users for copyright violation due to the unauthorized use of his image in the meme coin.
The Chillguy meme was created by artist Philip Banks in 2023 and went viral on TikTok, featuring a cartoonish animal wearing a sweatshirt, jeans, and sneakers with its hands tucked in its pockets, giving a cool look. This year, a meme-themed crypto based on Chillguy was launched on Solana and quickly gained popularity in the market, attracting thousands of investors. The meme coin is on track to achieve a market cap of $500M within three days of its launch, further fueling the hype around Solana Memecoins.
Early buyers of the Chillguy token have already seen significant returns on their investment. Some traders have made substantial profits, with one trader investing $233.89 and earning nearly $1M as the token surged by 38,800%. However, not all investors have been as fortunate, with some selling their tokens early and missing out on potential gains. Despite the risks, the highly bullish nature of the token is evident in the market.
Chillguy memecoin saw a massive surge of 4000% within 24 hours of its launch, marking one of the biggest rallies in the crypto market. The token’s market cap skyrocketed from $11.5M to $488M, attracting traders to the Solana ecosystem to purchase the token. The Solana price also experienced a significant surge, reaching $246.36. However, the token’s price has since dropped by 31% from its all-time high, currently trading at $0.3635 with a market capitalization of $356.9M and a trading volume of $885.3M.
Despite the success of Chillguy memecoin, the meme creator, Philip Banks, has expressed his discontent with the unauthorized use of his art in the crypto project. He has threatened legal action against any for-profit assets or applications using his art without permission. Banks has urged users to appreciate his creation in other ways and has hinted at issuing takedowns for unauthorized merchandising and use in “shitcoins.” The crypto community is calling for Banks’ support to push the token even higher, but his disagreement could potentially impact the token negatively in the future.
As the Chillguy memecoin continues to gain popularity and attract investors, the uncertainty surrounding the legal implications of using the meme creator’s image remains a concern. While some suggest offering Banks a percentage of the token supply to resolve the issue, it is unclear how this situation will unfold. The threat of legal action from the meme creator could dampen the excitement surrounding the token, highlighting the importance of copyright and intellectual property rights in the crypto space.
