The Chillguy meme represents a character who does not care about the difficulties faced in life, and this humorous attitude has sparked widespread interest among brands and social media users.

However, this popularity has gained a new dimension with the emergence of Solana-based parody token CHILLGUY. Memecoin went viral on Crypto Twitter and managed to gain over 1,000% in value within a day, reaching a market cap of $500 million.

However, after the CHILLGUY token spread rapidly, a statement came from its creator, Phillip Banks. Banks announced that he owns the copyright of the Chillguy character and will take legal action against any use for profit.

Banks stated that he would send removal requests, especially regarding tokens and unauthorized products used as memecoins.

Banks emphasized that he does not criticize brands for using the character as a trend, but he expects them to indicate the source of the character and make commercial requests when necessary. These statements caused the CHILLGUY token to rapidly lose value.

Before these legal statements, the influence of the CHILLGUY token on TikTok was quite large. TikTok users have created a phenomenon where even the “normie” audience, who are inexperienced in cryptocurrency, started explaining with videos how they can buy the CHILLGUY token.

This meant that new memecoins went viral on TikTok, increasing speculative trading and attracting the attention of those looking for short-term gains. In a short time, many investors started investing in the CHILLGUY token and its price increased greatly.

However, as past examples of such memecoins have shown, a rise based on hype is often not sustainable. The loss of value of the CHILLGUY token after intense interest on TikTok revealed the inherent volatility of memecoins.

When investors realized that the value of the tokens was increasing based solely on social media trends and community excitement, they tried to make a profit by selling. This led to the token’s value falling rapidly.

Following Banks’ statements, some users on Crypto Twitter humorously suggested Banks share the Solana address. The purpose of this was to maintain interest in the CHILLGUY token by providing a playful reaction to Banks’ legal actions. However, it is still unknown who the creators of the token are.

The Chillguy meme is also followed with interest by famous figures such as El Salvador’s President Nayib Bukele. But Banks’ threats of copyright infringement revealed how complex legal issues meme-based projects can face.

Such short-term hype trends, which are often seen in the crypto world, encourage investors to be careful and only invest in projects with solid communities. Memecoins, in particular, carry great risks for investors when they lose value because they have a speculative nature.

In this case, the future of the CHILLGUY token may vary depending on how long social media and community interest lasts. Investors should exercise caution and consider potential risks when investing in volatile assets such as meme tokens.