Chill Guy Meme Coin Surges 50% to $461 Million Amid Legal Dispute Over Intellectual Property
The meme coin Chill Guy ($CHILLGUY), based on a popular internet character, has seen a massive surge since its launch on Nov. 15. The coin’s market cap jumped from $10 million to $500 million, with a 60% increase in just 24 hours, although it has since retraced to about $440 million. The coin’s rise is largely attributed to the viral success of its mascot, an anthropomorphic dog in casual attire, which has resonated with Gen Z on platforms like TikTok.
The character’s popularity has been further fueled by its endorsement from notable figures, including El Salvador's president, Nayib Bukele, who posted the meme on his official social media account. This led to widespread speculation that Chill Guy could soon be listed on Binance, which would likely increase its liquidity and accessibility to a larger audience.
In the last 24 hours, Chill Guy outperformed major meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB), becoming a hot topic in the crypto market. The coin’s rapid rise has also led to substantial profits for early investors, with reports of one trader turning a $1,000 investment into over $1 million.
However, the rapid growth of Chill Guy has not come without controversy. Philip Banks, the creator of the Chill Guy character, has raised concerns over the unauthorized use of his intellectual property, particularly the commercial exploitation of the character through merchandise and for-profit ventures. On Nov. 21, Banks announced on X (formerly Twitter) that Chill Guy is copyrighted, stating he would take legal action against those profiting from his work without permission.
Despite this, Chill Guy's value continues to climb and remains a prominent topic in the meme coin space. Its rise mirrors the success of other meme-based cryptocurrencies, such as Floki (FLOKI) and Peanut the Squirrel (PNUT), which have experienced explosive market growth in recent months. However, experts warn that meme coins, known for their volatile nature, come with significant risks. While they can yield substantial profits, they also have the potential for sharp losses, making them high-risk investments.
As of now, Chill Guy’s market cap stands at around $440 million, with continued interest from both investors and internet meme enthusiasts. The ongoing legal dispute between Banks and those using the character for commercial purposes will likely play a key role in the coin’s future.
