Chill Guy Meme Coin Soars by 50% Amid Creator’s Legal Pushback

The Chill Guy meme coin ($CHILLGUY) has blown up, up 50% in the last 24 hours to $0.393.

With a market cap of $393 million and 24 hour volume of $213 million the meme coins are still hot in the crypto space.

Launched on November 15, the Solana based token went from a $10 million market cap to over $461 million at its peak. The coin is successful because it’s tied to the “Chill Guy” meme—a laid back cartoon dog in a sweater, jeans and red sneakers. The character is a Gen Z favorite on TikTok and is featured in every viral post. He’s the symbol of a chill lifestyle and that’s why it’s so popular.

But the meme coin’s rise to the top hasn’t been without drama. The creator of the Chill Guy character Philip Banks has been complaining about people using his intellectual property without permission. Banks recently posted on social media “Chill Guy has been copyrighted… I’ll be issuing takedowns on for-profit related things over the next few days”. He clarified he has no problem with casual use but unauthorized merchandise and unlicensed tokens like $CHILLGUY are a no go.

Behind the Numbers: Token Performance

As of today $CHILLGUY has a circulating supply of 990,000,000 and a total supply of 1,000,000,000. The token is listed on several decentralized and centralized exchanges including Raydium where the CHILLGUY/SOL pair is $89.5 million of the daily volume. Other active exchanges are OrangeX and Gate.io .

CHILLGUY’s price is forming a double top on the 4 hour chart and is looking to resist at $0.5326. Support is at $0.3415 with further downside at $0.2689 and $0.2163 if selling continues. If the price breaks above $0.4103 it could retest $0.4648.

The Broader Context: Meme Coins and Cultural Phenomena

$CHILLGUY is part of a bigger trend in crypto where meme coins use internet culture to create hype and investment. Not long ago $PNUT the Squirrel went to $1 billion in 2 weeks and $FRED the First Convicted Raccoon went up 383% in a day. These tokens are often fueled by humor and virality and can be very profitable for early adopters but come with big risks.

One $CHILLGUY investor reportedly turned $1,000 into over $1 million in a few days. But as the creator starts to enforce his copyright questions arise about the longevity of these meme tokens.

Legal Action and Market Implications

Philip Banks is going to enforce his copyright and that’s going to create some hurdles for $CHILLGUY. Banks said he’s open to work with brands and individuals who give him credit but the takedown of unauthorized merchandise and tokens will limit the meme’s market.

But $CHILLGUY is still loved by Gen Z who see it as a cultural statement and not just an investment. Its growing list of exchanges shows the convergence of internet culture and DeFi even if the legal issues are unclear.

Technical Outlook: Key Price Levels to Watch

• Immediate Resistance: $0.4103, with higher targets at $0.4648 and $0.5326.

• Immediate Support: $0.3415, with further risks at $0.2689 and $0.2163.

• Momentum Indicator: RSI at 52.41 reflects neutral sentiment.

Conclusion:

While $CHILLGUY’s 50% rally demonstrates the power of internet virality, its future hinges on balancing market momentum with intellectual property rights.