The rapid monetization of internet memes has reached new heights with the launch of the Just a Chill Guy (CHILLGUY) token on the Solana platform. Inspired by a popular image of a laid-back anthropomorphic character, this crypto asset is experiencing record-breaking growth in market capitalization.
The project's central figure was created by artist Philip Banks in 2023, featuring a minimalist character in a relaxed style: a monochrome sweater, classic jeans, and bright sneakers. The image symbolizes tranquility and inner harmony. The meme initially gained traction through the trending hashtag #ChillVibes on a short-video platform. Subsequently, it went viral across social media, boosted by reposts from prominent figures, including El Salvador's President Nayib Bukele and entrepreneur Elon Musk.
The CHILLGUY project has delivered impressive financial results: within just a few days of trading, the token's market capitalization skyrocketed from $10 million to $500 million. However, the token's price temporarily plummeted by 54% following a statement from the original image's creator, who announced plans to dispute its commercial use. Despite this setback, the token managed to stabilize, with its current market capitalization standing at approximately $399 million and a market price of $0.39 per unit.
The crypto community has attempted to avert potential conflict by launching a fundraising initiative through a dedicated cryptocurrency wallet to compensate the artist. As a result, a significant sum of $300,000 was raised. However, Philip Banks has yet to accept the proposed compensation, remaining resolute in his commitment to defending his copyright.