NAIROBI (CoinChapter.com) — CHILLGUY, a Solana-based meme coin inspired by the TikTok sensation “Chill Guy,” has seen its value crash by 45% in just 30 minutes. The rapid decline followed reports of unresolved intellectual property (IP) issues and a compromised X account associated with the character’s creator.
$CHILLGUY plummets 45% after IP dispute news. Source: X
CHILLGUY Crashes: Is the Meme Over?
CHILLGUY surged in popularity in November, reaching a peak market capitalization of over $700 million. However, Philip Banks, the creator of the Chill Guy character, objected to the use of his work without authorization. His public opposition created uncertainty around the token’s future.
Philb warns followers after Twitter hack. Source: Philip Banks
In a recent Instagram post, Banks confirmed that the CHILLGUY team approached him to resolve the dispute, and a licensing agreement was eventually reached. He stated that after extended discussions, he decided to grant IP rights to the team. Despite this resolution, confusion arose as Banks’ X account appeared to be hacked. The compromised account posted a tweet claiming Banks had approved the token’s use, but the official Instagram update painted a different picture.
Adding to the drama, Banks’ X account became tied to the promotion of another meme coin, “Philb,” which quickly gained traction but collapsed just as rapidly. These developments cast doubt on the authenticity of Banks’ involvement and raised concerns over the security of high-profile accounts.
CHILLGUY’s Freefall Stuns the Market
The IP resolution initially triggered a 30% rally in CHILLGUY’s price, as investors viewed it as a step toward legitimacy. However, the market’s optimism was short-lived. The announcement of Banks’ hacked account and the appearance of conflicting statements led to a massive sell-off, wiping out gains and plunging the token’s value by 45% in a half-hour.
CHILLGUY drops 28.7% in a volatile week. Source: CoinMarketCap
The official CHILLGUY X community account expressed shock over the situation, stating they were “taken by surprise” by the developments. They urged the community to remain vigilant and avoid scams.
Meanwhile, Philb’s rise and fall further fueled skepticism among investors. The token’s brief market cap of $1 million collapsed almost overnight, leaving questions about its connection to Banks and the broader implications for CHILLGUY.
CHILLGUY’s sharp rise and subsequent fall highlight the inherent risks of meme coin investments. While the licensing agreement could stabilize the project, the controversy surrounding Banks’ hacked account and inconsistent messaging has left investors wary. Calls for greater transparency and accountability dominate discussions in the CHILLGUY community.