ChillGuy Meme Creator Against The Meme Coin: What Is Going On?
The ChillGuy meme coin, inspired by the viral “Chill Guy” meme that took TikTok and Instagram with massive popularity, has recently faced controversy involving the meme’s creator, Phillip Bankss.
The coin reached an all-time high (ATH) of $513 million in market cap within just six days of its launch and achieved a trading volume of $450 million. Then, its fortunes dramatically shifted.
Yesterday, Phillip Bankss used X (formerly Twitter) to clarify his stance on the coin. He stated that “Chill Guy” is copyrighted and that he has no affiliation with any coin using the name.
In his post, Bankss wrote, “just putting it out there, chill guy has been copyrighted. like, legally. I’ll be issuing takedowns on for-profit related things over the next few days.” He clarified that his main concern was unauthorized merchandise and “shitcoins,” not general brand usage, as long as credit is given.
not like brand accounts using him as a trend, that's kinda something i dont really care about (i do just ask for credit. or xboxes.). mainly unauthorized merchandise and shitcoins
— philb (@PhillipBankss) November 21, 2024
ChillGuy Price Action After Author Statement – Will The Meme Coin Survive?
This announcement caused a steep dip, and ChillGuy’s market cap fell to $200 million. Buyers quickly bought the dip. The coin then stabilized at $286 million.
It found support around that area. Some investors created a donation wallet for the author. They hoped this gesture would change his mind and prevent action against the coin. In one hour, the wallet gathered half a million dollars.
If Phillip Bankss takes legal action, ChillGuy may face several outcomes. These include cease and desist orders, lawsuits for copyright infringement, settlement negotiations, or rebranding the coin to avoid legal issues.
Elevated volatility will likely continue due to the hype around the ChillGuy meme, super viral on socials like TikTok and Instagram, and uncertainty over the author’s decisions. For now it seems that investors are positive on ChillGuy with the price 20% up just in the last hour.
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