A fresh Solana-based memecoin has emerged as the latest sensation in the cryptocurrency market, capturing significant attention with a staggering 80% surge over just seven days. This remarkable rise pushed its market capitalization beyond the $600 million threshold. As the memecoin continues to gain traction, it has recently secured listings on two major exchanges, further solidifying its position in the crypto world.
Just A Chill Rise To $0.65
The current cycle of memecoin mania has witnessed the rapid ascension and decline of several tokens over recent months. This includes the Celebrity token frenzy and the Pump.fun Livestream saga, both igniting debates on their market impact. Despite facing criticism, new tokens persist in emerging, some skyrocketing to extraordinary heights within days. The latest to cause a stir is the memecoin dubbed “Just a Chill Guy” (CHILLGUY), which soared to an impressive 80% rally in just one week.
This cryptocurrency draws its inspiration from a viral TikTok meme depicting a relaxed dog in casual attire. The original artwork, crafted by Philip Banks in 2023, has been steadily gaining popularity across social media platforms. The meme also achieved viral status on platforms like X and Instagram, with numerous reinterpretations of the ‘Chill Guy’ inundating users’ timelines. Fuelled by this meme’s growing popularity, crypto enthusiasts created a token inspired by the internet phenomenon.
On November 20, the token experienced a remarkable 400% surge in value, reaching $0.44 within 24 hours. However, its price took a temporary dip of over 30% following an announcement from Banks regarding potential legal action for copyright infringement. Since then, the memecoin has rallied by approximately 50% to reach its all-time high (ATH), hitting two new peaks in the last day. The token reached $0.56 on Tuesday afternoon before surging an additional 20% to its latest ATH of $0.65 on Wednesday morning.
The cryptocurrency’s market capitalization soared to $657 million before retreating below $600 million, positioning it as the eighth-largest Solana-based memecoin.
Memecoin Sensation Scores Major Listings
The token’s immense popularity has been further fueled by endorsements from high-profile figures. A week ago, Nayib Bukele, El Salvador’s pro-Bitcoin President, shared the “Just a Chill Guy” meme as Bitcoin traded above $94,000 for the first time in history. Additionally, the renowned YouTuber Mr. Beast hailed the internet sensation as the “biggest meme of our lifetime” following a version of the meme shared by streamer Ninja on Tuesday.
Adding to the momentum, major cryptocurrency exchanges have announced their support for the latest memecoin phenomenon. On November 26, Bybit listed CHILLGUY on their Spot trading platform, followed by Binance’s announcement to introduce perpetual contracts with up to 75x leverage on Binance Futures on November 27.
In the midst of the CHILLGUY craze, one investor has reaped a windfall from the token. According to on-chain data analytics firm Lookonchain, a crypto trader spent just 0.75 SOL, equivalent to $160, to acquire 12.5 million CHILLGUY tokens. Twelve days later, the trader’s holdings of 9.2 million tokens have netted a total profit of $6.1 million at the time of Lookonchain’s report.
Community members speculate that if the cryptocurrency maintains its rapid growth trajectory, it could surpass other memecoin sensations like Dogwifhat (WIF) and Popcat (POPCAT) within a week. Nonetheless, the question remains whether the token can sustain its current momentum or fade into a one-hit crypto wonder. As of this writing, CHILLGUY is trading at $0.59, marking a 23.3% increase in the daily timeframe.
Meanwhile, Solana (SOL) is trading at $239 on the weekly chart, reflecting its own dynamic movement in the market.
Note: The above content offers insights into the evolving memecoin landscape and the impact of viral internet phenomena on the cryptocurrency market. Readers are encouraged to conduct their own research and exercise caution in investment decisions.
