cyrpto ChillGuy, Coin, meme, Rights, team, Violation Mark December 14, 2024 0 Comments

ChillGuy Meme coin down 45% amid IP Rights Violation by team

The Chill Guy coin fell more than 45% in just 30 minutes after it was revealed that the project did not own any intellectual property rights to the original Chill Guy meme.

Philip Bankss, the creator of the Chill Guy meme, has not granted any license or intellectual property rights to the Chill Guy crypto team. This led to Chill Guy’s (CHILLGUY) holders to dump over 45% of the token in 30 minutes, pushing prices as low as $0.2637 from $0.4793. The market capitalization, over the last 24 hours, lost 15% to a resting value of $307.89 million, according to CoinMarketCap. On the other hand, the trading volume increased by 207.12%, which also reflects a wave of massive selling by investors.

A one-day price chart of the ChillGuy memecoin, showing fluctuations with a significant spike followed by a sharp decline to below $0.33. The chart includes red and green trend areas, reflecting changes in market sentiment and trading activity. — The ChillGuy coin price chart shows a sharp decline, dropping over 45% in value over a short period of time amid controversy over intellectual property rights.

Bankss publicly rejected the project, saying he never authorized the use of his design in the crypto ecosystem. Instead, he disclosed that some hackers had taken over his social media accounts and tried to impersonate him to make easy money from the meme coinand gave intellectual property and licensing rights in his name to the crypto project.

The real Philip Banks posts on tumblr.

Philip Bankss mentions on his tumblr post that most of his social media accounts are hacked.

Launched November 18 on Solana (GROUND), ChillGuy took on the then-viral “Just A ChillGuy” meme that caught people’s attention on social media. The meme piece has become very popular, especially among Gen Z audiences, sharing the meme with funny depictions of everyday situations. The project reached an all-time high with a market capitalization of $561 million on November 27, after the signing of the token perpetual contracts. listed on Binance.

Although the play initially enjoyed great success, it is now experiencing serious setbacks. The lack of intellectual property rights, coupled with protests from the founder himself, disappointed many people. investors leading to a sales frenzy.

The volatile terrain of meme coins

Often, meme pieces are driven by hype, social media manipulation, and reflections of community sentiment rather than their fundamental value or usefulness. For example, Lucky Falcon surged in viral popularity, then crashed as interest faded, leaving many investors holding the bag.

These examples serve to highlight the dangers of the meme coin landscape, which experiences irregular price movements and controversies, like that of the ChillGuy IP story, on an almost regular basis.

Alex Beeneinstructor at the University of Tennessee at Martin, told crypto.news in a direct message on LinkedIn that meme coins attract investors who might otherwise be hesitant to enter the crypto market. However, meme coins often carry risks and create mixed perceptions of cryptocurrencies as a whole among those outside the industry.

“Meme coins have attracted a wide range of people who, in recent decades, would not have typically been interested in investing in other financial products or services. At the same time, for those who view cryptocurrencies like Bitcoin as a true store of value, it’s hard to read headlines about the absurdities of the coin ecosystem and not feel like this devalues the crypto community at large. Simply put, it’s a mix of perceptions.

—Alex Beene