After purchasing tokens associated with a viral internet meme, a Solana-based memecoin trader made $5.6M at the current market price from a $160 investment.
A wallet made two purchases of the Just a chill guy (CHILLGUY) memecoin on Nov. 15, according to data from Solana’s blockchain explorer Solscan.
The trader exchanged 9.6 million CHILLGUY tokens for 0.50 Solana, worth approximately $107 at the time, on the Pump platform for the Solana memecoin generator.enjoyable. Several hours later, the trader added 0.246 SOL (roughly $51) for 2.8 million tokens.
The Solana blockchain saw the launch of the CHILLGUY token on Nov. 15, capitalizing on the viral “Just a chill guy” meme that garnered traction on social media. The token’s value experienced a significant increase, culminating in a peak market capitalization of $643 million on Nov. 27. The memecoin is currently trading at $0.58.
According to blockchain data, the trader missed out on a potential $1.6 million commission by selling 2.8 million tokens early for 149 SOL, which is approximately $35,000. Nevertheless, the trader continues to possess 9.62 million tokens, trading at roughly $5.6 million.
Just a chill guy artist threatens legal action
Although some traders capitalized on the token’s success, the artist responsible for the Just a Chill Guy character has publicly condemned its unauthorized utilization.
The artist, who goes by the name PhillipBankss on X, declared on Nov. 21 that he had already copyrighted the character of the chill guy.
The artist said he will issue takedowns for the art’s for-profit use within the next few days. The artist previously stated that he did not endorse or assent to using the artwork in crypto assets.
Community members on X have expressed concern that enforcement may prove difficult despite the artist’s objections. Some individuals asserted that memecoins founded on decentralized and anonymous launches are challenging to regulate or suppress.
Another member of the community stated that memecoin would continue to exist regardless of the artist’s involvement and that the crypto asset has been effectively immortalized on the blockchain.