Trader Turns $160 Investment into $5.6 Million with CHILLGUY Memecoin Amid Legal Controversy
On-chain data reveals that a Solana-based memecoin trader has turned a $160 investment into an extraordinary $5.6 million by acquiring Just a chill guy (CHILLGUY) tokens. The tokens are tied to a viral internet meme that gained widespread popularity on social media.
Investment Breakdown and Market Performance
Blockchain data from Solscan shows that on November 15, the trader used 0.50 Solana (SOL), worth approximately $107 at the time, to purchase 9.6 million CHILLGUY tokens on Solana’s Pump.fun memecoin platform. Hours later, the trader acquired an additional 2.8 million tokens for 0.246 SOL (around $51).
Following its launch on the Solana blockchain, CHILLGUY capitalized on the viral “Just a chill guy” meme, leading to a meteoric rise in value. By November 27, the token achieved a peak market capitalization of $643 million. At the time of writing, CHILLGUY trades at $0.58 per token, valuing the trader’s remaining 9.62 million tokens at $5.6 million.
Missed Opportunity and Current Holdings
The trader sold 2.8 million tokens early in the rally, netting 149 SOL (approximately $35,000) but missing out on a potential $1.6 million profit. However, the bulk of their holdings—9.62 million tokens—remains intact and continues to grow in value.
Legal Dispute Over Unauthorized Use of Artwork
The success of CHILLGUY has sparked controversy as the artist behind the “Just a chill guy” meme, known as PhillipBankss on X (formerly Twitter), has publicly opposed the token. On November 21, the artist announced that the character had been copyrighted and threatened legal action against the unauthorized, for-profit use of his artwork.
Despite these objections, enforcement could prove difficult. Community members argue that decentralized and anonymous token launches are challenging to regulate. One commenter noted that CHILLGUY has become an immutable part of the blockchain ecosystem and will persist regardless of legal actions.
Industry Impact
The rise of CHILLGUY highlights the volatile yet lucrative nature of memecoin investments. However, it also underscores the ongoing tension between intellectual property rights and the decentralized, permissionless ethos of blockchain technology.
Source: Cointelegraph
