CHILLGUY has been the talk of the internet and crypto space for weeks, captivating audiences with its laid-back dog mascot. However, the meteoric rise of this meme coin has been shadowed by controversies. One of the most explosive accusations has caused CHILLGUY’s value to plummet by approximately 14% in just one day.
Allegations of Thai Origins Shake CHILLGUY’s Popularity
Reports indicate that CHILLGUY debuted on social media in October 2023, with its creator, Philip Banks, claiming ownership. However, Philip Banks expressed his discontent with the use of his artwork for branding and cryptocurrency promotion. Taking to X, he issued legal threats, which reportedly impacted CHILLGUY’s market performance.
The controversy escalated when a Reddit user shared an image of a booklet, suggesting the meme may have been plagiarized from a Thai booklet. Instead of CHILLGUY, the booklet featured a character named RELAX BOY, whose face bore striking similarities to CHILLGUY’s dog mascot. While some users claimed the booklet is six years old, others suggested it could be eight years old, adding confusion to the timeline.
Lack of Evidence and AI Speculations
Despite the uproar, there is insufficient evidence to confirm the booklet’s authenticity or its connection to CHILLGUY. Some speculate that AI technology may have been used to fabricate the RELAX BOY reference, further muddying the waters. Others believe the controversy might be a deliberate attempt to pump and dump CHILLGUY’s market value.
CHILLGUY Price Plummets Amid Growing Skepticism
Amid these allegations, CHILLGUY’s price has dropped 14% and now trades at $0.1792. Its market capitalization has fallen to $179.18 million, though trading volume has surged by 6%, indicating heightened investor activity. Despite the increased trading, strong selling pressure has pushed CHILLGUY into a downward trend.
According to TradingView’s technical charts, CHILLGUY remains in a strong sell zone, as moving averages and MACD confirm the bearish momentum. Meanwhile, the RSI hovers near neutral territory, suggesting the potential for continued decline but hinting at proximity to oversold levels.
The Broader Impact on Solana Meme Coins
While CHILLGUY faces scrutiny, meme coins on the Solana network have gained substantial traction in 2024, with thousands of projects launched on the platform. The alleged connection between CHILLGUY and the Thai character RELAX BOY has brought more attention to these coins, highlighting the challenges and controversies within the meme crypto space.
As the story unfolds, The Bit Journal will continue to monitor the developments surrounding CHILLGUY and its impact on the crypto market.
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