In summary
- CHILLGUY, a Solana memecoin based on a TikTok meme, reached $500M in capitalization a few days after its launch.
- One trader turned $1,101 into over $1M thanks to the token’s parabolic growth in less than a week.
- The creator of the Chill Guy art rejected the use of his work in Cryptocurrency and closed his Twitter account to the public.
A token based on a viral TikTok meme has reached parabolic proportions, registering a market capitalization of $500 million just days after its launch. Savvy meme traders are making millions since launch, including one who turned a $1,000 investment into over $1 million in less than a week.
Just a Chill Guy (CHILLGUY) is a Solana memecoin that uses a character created by artist Phillip Banks in 2023 as its mascot. The anthropomorphic character is wearing a sweatshirt, jeans and sneakers, with his hands in his pockets. He’s just a guy who seems very calm.
This character has appeared to go viral on Gen Z’s favorite social media platform TikTok, as users conflate the character with a title about men simply portraying themselves as a “Chill Guy” or “Quiet Guy” despite the difficulties in their lives, whether big or small.
https://twitter.com/ChillGuy_Sol/status/1858881239840596137
As a result, the cryptocurrency has gone from a market capitalization of $10 million on Monday to $488 million on Wednesday. With this, one lucky trader has cashed in quite a bit, potentially making a $1 million profit for just over $1,000.
Wallet 9zW first invested $233.89 into CHILLGUY while the coin was still launching on memecoin factory Pump.fun. At the time, the token had a market capitalization close to $11,000. In the next 30 hours, the token surged over 38,800% to a market capitalization of approximately $4.4 million. During this period, the trader withdrew his first $16,200 in four transactions.
Over the next day, the coin retreated before rising again, marking just a 180% rise from its previous high. During this period, the lucky trader invested an additional $867.35 into CHILLGUY in three transactions. This brings the total investment to approximately $1,101.24, although the majority of this was probably taken from the trader’s initial profits.
TikTok is not known for being a native cryptocurrency platform, and the success of CHILLGUY has led many traders to believe that a new audience is joining the world of cryptocurrency. And this may be true.
On Tuesday, at the beginning of CHILLGUY’s big surge, a MoonPay representative told Decrypt that it was the biggest day of Solana transactions for the inbound service. This means that more people were using the service to put money into the Solana ecosystem than ever before.
With this apparent influx of new investors, CHILLGUY soared on Tuesday and throughout Wednesday, going from a market cap of $11.5 million to $488 million, an increase of more than 4,000%.
During those two days, our lucky trader continued to sell portions of his holdings. At the time of writing, the wallet has sold $411,500 worth of CHILLGUY, according to DEX Screener, while holding about $636,942 worth of tokens in the account.
This brings the wallet’s total unrealized gains to over $1.05 million. It should be noted that the remaining $636,942 in CHILLGUY could drop in value in an instant; the lucky trader must sell these tokens to forever consider themselves a “Chill Guy Millionaire.”
In addition to CHILLGUY, the wallet contains more than $100,000 in derivatives of the token that the wallet saw great success in, as well as $13,700 in the artificial intelligence memecoin Goatseus Maximus (GOAT).
Separately, Arkham Intelligence posted on Wednesday about another trader who apparently turned an initial investment of $865 into a peak of $6.4 million. However, a representative from on-chain data visualization startup Bubblemaps told Decrypt that the wallet in question does not appear to be a “lucky trader,” but perhaps a “much more sophisticated” effort involving trading bots.
But despite the success of the token, the artist behind the character is not happy. On Twitter, Banks wrote: “I do not endorse or consent to my art being used in things related to cryptocurrency. Please leave me alone.” He later made his Twitter account private so that users could no longer harass him.
Despite the resistance, several NFT collections have been released in homage to Chill Guy, one of which has a floor of 3 SOL ($700). Additionally, numerous spin-off meme coins have been released, including tokens of other characters created by Banks, such as Worried Guy (WORRIEDGUY) which Banks called a “flopcoin,” as it failed to surpass a market capitalization of $100,000 at the time. It has since reached a peak market capitalization of $10 million.
Edited by Andrew Hayward
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