NAIROBI (CoinChapter.com) — CHILLGUY, a Solana-based meme coin impressed by the TikTok sensation “Chill Guy,” has seen its worth crash by 45% in simply half-hour. The fast decline adopted reviews of unresolved mental property (IP) points and a compromised X account related to the character’s creator.
$CHILLGUY plummets 45% after IP dispute information. Supply: X
CHILLGUY Crashes: Is the Meme Over?
CHILLGUY surged in reputation in November, reaching a peak market capitalization of over $700 million. Nonetheless, Philip Banks, the creator of the Chill Man character, objected to using his work with out authorization. His public opposition created uncertainty across the token’s future.
Philb warns followers after Twitter hack. Supply: Philip Banks
In a current Instagram submit, Banks confirmed that the CHILLGUY workforce approached him to resolve the dispute, and a licensing settlement was finally reached. He said that after prolonged discussions, he determined to grant IP rights to the workforce. Regardless of this decision, confusion arose as Banks’ X account seemed to be hacked. The compromised account posted a tweet claiming Banks had accredited the token’s use, however the official Instagram replace painted a distinct image.
Including to the drama, Banks’ X account turned tied to the promotion of one other meme coin, “Philb,” which rapidly gained traction however collapsed simply as quickly. These developments forged doubt on the authenticity of Banks’ involvement and raised issues over the safety of high-profile accounts.
CHILLGUY’s Freefall Stuns the Market
The IP decision initially triggered a 30% rally in CHILLGUY’s price, as traders considered it as a step towards legitimacy. Nonetheless, the market’s optimism was short-lived. The announcement of Banks’ hacked account and the looks of conflicting statements led to an enormous sell-off, wiping out good points and plunging the token’s worth by 45% in a half-hour.
CHILLGUY drops 28.7% in a risky week. Supply: CoinMarketCap
The official CHILLGUY X group account expressed shock over the state of affairs, stating they have been “taken by surprise” by the developments. They urged the group to stay vigilant and keep away from scams.
In the meantime, Philb’s rise and fall additional fueled skepticism amongst traders. The token’s transient market cap of $1 million collapsed nearly in a single day, leaving questions on its connection to Banks and the broader implications for CHILLGUY.
CHILLGUY’s sharp rise and subsequent fall spotlight the inherent dangers of meme coin investments. Whereas the licensing settlement may stabilize the challenge, the controversy surrounding Banks’ hacked account and inconsistent messaging has left traders cautious. Requires better transparency and accountability dominate discussions within the CHILLGUY group.