Outside Source
Onchain data shows that the trader holds 9.62 million CHILL GUY tokens, worth about $5.6 million at current market prices.
News
A Solana-based memecoin trader turned a $160 investment into millions after buying tokens tied to a viral internet meme.
Data from Solana’s blockchain explorer Solscan shows that on Nov. 15, a wallet made two purchases of the Just a chill guy (CHILL GUY) memecoin.
The trader exchanged 0.50 Solana (SOL), worth around $107 at the time, for 9.6 million CHILL GUY tokens on the Solana memecoin generator platform Pump.fun. Hours later, the trader added another 0.246 SOL (about $51) for 2.8 million tokens.
Memecoin trader buys Just a chill guy tokens for $160. Source: Solscan
The CHILL GUY token launched on Nov. 15 on the Solana blockchain, riding the wave of the viral “Just a Chill Guy” meme that gained popularity on social media. The token’s value surged, reaching a peak market capitalization of $643 million by Nov. 27. At the time of writing, the memecoin trades at $0.58.
Blockchain data suggests the trader sold 2.8 million tokens early for 149 SOL, approximately $35,000 — missing out on a potential $1.6 million profit. However, the trader still holds 9.62 million tokens, now valued at about $5.6 million.
Related: Dogecoin flips Porsche market cap as DOGE ETP, Musk drive rally
Just a chill guy artist threatens legal action against tokens
While some traders profited from the token’s success, the artist behind the Just a Chill Guy character has publicly denounced its unauthorized use.
On Nov. 21, the artist, known as “PhillipBankss” on X, said he had already copyrighted the “Chill Guy” character. The artist said he will issue takedowns for for-profit use of the art in the next few days. The artist previously stated that he neither endorsed nor consented to the artwork being used in crypto assets.
Source: PhillipBankss
Despite the artist’s objections, community members on X believe enforcement may be challenging. Some argued that memecoins based on decentralized and anonymous launches are difficult to regulate or shut down.
Another community member said the memecoin would exist with or without the artist and that the crypto asset is now immortalized on the blockchain.
Magazine: Crypto has 4 years to grow so big ‘no one can shut it down’: Kain Warwick, Infinex
This article first appeared at Cointelegraph.com News
