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Just a chill guy, a viral meme coin, continued its spectacular rally on Wednesday, helped by robust listings by some of the top crypto exchanges.
Just a chill guy (CHILLGUY) rose to a record high of $0.6575, pushing its market to almost $600 million. This valuation made it one of the best-performing meme coins in the industry. It has become bigger than other popular coins like SPX6900, Turbo, and Memecoin.
Exchange listings boost Just a chill guy
This rally was mostly driven by the Fear of Missing out among traders and centralized exchange listings. Binance Futures listed the token on Nov. 27, giving it exposure to tens of millions of its customers. It listed it with a 75x leverage.
Other top exchanges that listed the coin were Bitget, KuCoin, Woo, and BitMart. Historically, cryptocurrencies rally after being listed by major exchanges. This happens as more traders buy them amid the FOMO.
Data shows that the 24-hour trading volume was $338 million, with most of it coming from Bybit, Gate, OrangeX, and Raydium. As such, this volume will likely increase sharply when the new exchanges are included.
Still, the CHILLGUY crypto faces some potential risks. First, the coin could replicate other recently launched hype tokens like Peanut the Squirrel and Act I The AI Prophecy, which went parabolic this month. The two have retreated sharply in the past few days and underperformed most meme coins.
Second, Just a chill guy’s creator has threatened to sue for the use of his creation for commercial purposes. Still, it is unclear whether the lawsuit would have a major impact since it is mostly traded on international exchanges.
CHILLGUY smart money investors are selling
Third, there are signs that smart money has started to book profits. Data by Nansen shows that the number of smart money wallets has dropped from 94 last week to about 71 today.
Transactions by smart money investors are a common signal of what some of the biggest holders are doing. More data by Nansen shows that the number of tokens in exchanges has jumped sharply in the past few days. It had over 76.61 million tokens, up by 727% from a week earlier, a sign that some investors have started to exit their trades.
As with most newly new tokens, there is a risk that it could pare back some of the initial gains amid profit-taking. The future price action will likely depend on the performance of Bitcoin (BTC), Solana (SOL), and other coins.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
This article first appeared at crypto.news
