Coinspeaker Just a Chill Guy (CHILLGUY) Meme Coin Reaches Peak Market Cap of $500M Fueled by Popularity on TikTok
Amid the highly anticipated altseason following the ongoing parabolic rally for Bitcoin BTC $97 580 24h volatility: 4.5% Market cap: $1.93 T Vol. 24h: $98.53 B over $97K, Solana (SOL)-based meme coins, led by Just a chill guy (CHILLGUY), have registered palpable gains in the recent past. Since November 16, the CHILLGUY meme coin has rallied more than 400,000% to reach a new all-time high of above 40% earlier today. At the time of writing, the meme coin is trading at $0.28.
As a result, the meme coin attained a peak market cap of $500 million before settling at around $405 million and a daily average traded volume of around $670 million. Already listed on several centralized and decentralized exchanges, including MEXC, Raydium, Orca, and Bitmart, among others, the CHILLGUY token has attracted nearly 100K on-chain holders as of this report.
As an early meme coin project, CHILLGUY has most of its trading activities on DEXes, led by Raydium which registered over 58% of its total daily volume. The CHILLGUY meme coin is less than a week old and has attracted more than $2.5 million in pooled liquidity.
During the past 24 hours, more than 133K transactions involved buyers while around 106K were sellers.
Why CHILLGUY Meme Coin
The CHILLGUY meme coin is a dog-themed project with a human body based on the ‘My New Character’ theme. The initial drawing was done by X platform user philb (@phillipBankss) in late 2023, but the traction was catalyzed by TikTok users.
pic.twitter.com/WRxdP6qreN
— Nayib Bukele (@nayibbukele) November 21, 2024
The CHILLGUY meme coin also gained more recognition after El Salvador President Nayib Bukele posted the viral photo. As of this writing, the post by Bukele has attracted more than 1.5 million views. Bulele’s post is, however, motivated by the recent Bitcoin price spike above $97K, which gives the country’s BTC holdings a valuation of over half a billion dollars.
The notable success of the CHILLGUY meme coin could, however, face immense selling pressure in the near term as early buyers rush to make a profit.
Bigger Picture
The meme coin industry has grown to more than $120 billion and a daily average traded volume of about $32 billion as of this report. The notable support of dog-themed Dogecoin DOGE $0.39 24h volatility: 1.9% Market cap: $56.71 B Vol. 24h: $10.26 B by tech billionaire Elon Musk has inspired more institutional investors to invest in the meme coin industry.
For instance, market maker and web3 investor DWF Labs announced a $20 million Meme Fund focused on supporting innovative meme coins. Additionally, the Binance exchange has been undertaking meme coin promotions to accelerate the mainstream adoption of web3 and digital assets.
Coinbase Global Inc (NASDAQ: COIN) has already listed top-tier meme coins led by frog-themed Pepe PEPE $0.000019 24h volatility: 4.7% Market cap: $8.15 B Vol. 24h: $4.95 B , dogwifhat WIF $3.17 24h volatility: 5.2% Market cap: $3.16 B Vol. 24h: $1.05 B , and recently Floki Inu FLOKI $0.00026 24h volatility: 6.1% Market cap: $2.51 B Vol. 24h: $1.50 B .
The Solana network has remained a major meme coin hub, with the sector having reached a valuation of over $20 billion and a daily average traded volume of around $10 billion.
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Just a Chill Guy (CHILLGUY) Meme Coin Reaches Peak Market Cap of $500M Fueled by Popularity on TikTok
