In the fast-paced world of internet memes and cryptocurrency speculation, even the most laid-back characters can find themselves at the center of heated battles. Such is the case with Chillguy, a meme that has recently exploded in popularity across social media platforms and among brands. But while the internet revels in the meme’s carefree attitude, its creator is anything but amused by an unauthorized parody memecoin.
Creator Claims Copyright, Threatens Takedowns
Phillip Banks, the mastermind behind the Chillguy character, recently took to X (formerly Twitter) to assert his copyright ownership and threaten legal action against those profiting from his creation without permission. “Chill guy is copyrighted. Legally. I’ll be issuing takedowns over the next few days on profit related things,” Banks stated.
While Banks seemed less concerned about brands using Chillguy as a trending meme, requesting only credit or Xbox consoles in return, his main targets appear to be unauthorized merchandise and “shitcoins” piggybacking on the meme’s popularity.
Crypto Community Responds with Humor
In typical crypto Twitter fashion, notable personalities in the community reacted to Banks’ threats with tongue-in-cheek suggestions that he accept tokens or money via a Solana address. The lighthearted responses underscore the often irreverent attitude prevalent in the crypto space, even when faced with potential legal complications.
CHILLGUY Token Takes a Hit
The creator’s legal posturing has already had an impact on the CHILLGUY token, a Solana-based memecoin of unknown origin that skyrocketed over 1,000% in a single day earlier this week. The token’s price has since plummeted nearly 50% from its Wednesday peak, accelerated by profit-taking in the wake of Banks’ statements.
The TikTok Connection
Chillguy’s explosion in popularity is attributed in part to its viral spread on TikTok, where even users outside the crypto sphere were allegedly making videos about how to buy the token and touting its potential for further gains. This TikTok hype has reportedly sparked a speculative trend among traders scouring the platform for the next viral memecoin to pump.
The “normies” on TikTok are all over CHILLGUY, making videos about how to buy it and saying it’s going to the moon. This is the new meta – find memecoins going viral on TikTok before they peak.
– Anonymous crypto trader
The Perils of Memecoin Speculation
While the hunt for the next big memecoin can be thrilling, it’s important to remember the risks involved. Memecoins often experience rapid growth due to speculation, community hype, and social media trends rather than fundamental value or strong community building. This leaves them extremely vulnerable to equally precipitous declines once the excitement fades.
New memes are constantly emerging, ready to capture the attention and investment dollars that the previous viral sensation enjoyed. Those left holding bags of now worthless tokens serve as a stark reminder of the ephemeral nature of most memecoin pumps.
The Future of Chillguy
As the creator of Chillguy takes steps to enforce his intellectual property rights, it remains to be seen what impact this will have on the meme’s continued popularity and the fate of the associated unofficial memecoin. Will Banks’ efforts successfully quash unauthorized profiteering, or will the decentralized nature of crypto and the internet’s love of a good meme prevail?
One thing is certain – the world of memes and crypto moves at a breakneck pace, and today’s viral sensation can quickly become yesterday’s news. As always, those playing the memecoin game should be prepared for a wild ride and never risk more than they can afford to lose chasing the next big thing.
