In a surprising turn of events, a savvy investor transformed a modest $160 investment into a staggering $5.6 million fortune by trading a meme-based cryptocurrency. This type of digital asset is based on the Solana blockchain and was bought using the CHILLGUY token, which represents a viral internet meme. According to Solana’s on-chain data, the wallet made two purchases of the CHILLGUY cryptocurrency on November 15th through Pump.fun, a Solana memecoin generator platform.
This particular investor traded 0.50 Solana, or approximately $107, and got in return 9.6 million CHILLGUY tokens. A few hours later, the investor added another 0.246 SOL ($51) to purchase extra 2.8 million tokens. Launched on November 15th, the CHILLGUY token quickly gained traction, riding the popularity wave of the “Just a Chill Guy” meme on social media.
The value of this memecoin soared, and by November 27th, the market capitalization hit a peak of $643 million. As it stands, a single CHILLGUY token is currently trading at $0.58. The investor, however, decided to part ways with 2.8 million tokens early for 149 SOL (roughly amounting to $35,000), missing out on a potential profit of $1.6 million. Notwithstanding, the investor’s decision, they are still left with a hefty sum as the 9.62 million tokens held are valued at around $5.6 million.
On the flip side of the coin, the artist who created the “Just a Chill Guy” character, known online as PhillipBankss, has opposed the unauthorized use of his art. On November 21st, he claimed his artwork was subject to copyright, promising to seek takedowns for any commercial exploitation of the character. He has also maintained that he never consented to his artwork being commandeered for a digital asset.
Despite PhillipBankss’ protestations, the online community has posited that regulating such decentralized and anonymously launched memecoins could prove challenging. Some community members argue that the memecoin would continue its existence, irrespective of the artist’s approval or disapproval, as the digital asset has been permanently engrained within the blockchain.