Chill Guy meme coin violated IP rights, says artist; token crashes 45% in 30 min

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As a seasoned crypto investor with battle scars from countless market fluctuations and rug pulls, the Chill Guy meme coin debacle is just another reminder of the rollercoaster ride that is the world of cryptocurrencies. The swift 45% plunge after the revelation of IP rights issues was predictable but still stung nonetheless.

In simple terms, the value of the “Chill Guy” meme cryptocurrency plummeted by approximately 45% within half an hour, following disclosure that the project lacks ownership rights to the original “Chill Guy” internet meme.

Philip Bankss, the creator of the Chill Guy meme, has not granted licensing and IP rights to the Chill Guy crypto team. This has led to Chill Guy’s (CHILLGUY) holders to dump over 45% of the token in 30 minutes, pushing prices to as low as $0.2637 from $0.4793. The market cap, for the last 24 hours, has lost 15% at 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 sell-offs by the investors.

Bankss openly denounced the project, stating that he never authorized the incorporation of his artwork in the cryptocurrency sphere. Contrarily, he disclosed an incident where hackers had infiltrated his social media profiles, attempting to pose as him and capitalize on the meme coin’s popularity by illegitimately profiting from it. Furthermore, he revealed that the crypto project had been granted IP and licensing rights for his artwork without his consent.

https://www.tumblr.com/phillip-bankss/769707586763292672/my-twitter-and-bluesky-was-hacked-along-with-some

https://www.tumblr.com/phillip-bankss/769717949753933824/these-tweets-arent-mine-either-lol-the-previous

On November 18th, ChillGuy was introduced to Solana (SOL), leveraging the then-trending ‘Just A ChillGuy’ meme that had captured people’s interest on social platforms. This meme-based coin quickly gained popularity, particularly among Gen Z users who shared it with amusing depictions of everyday life scenarios. The project peaked on November 27th, boasting a market capitalization of $561 million following the listing of its perpetual contracts on Binance.

Despite its initial prosperity, the coin is currently facing significant problems. The absence of intellectual property rights and the dissent from its founder have disheartened numerous investors, resulting in a wave of selling.

The volatile terrain of meme coins

Frequently, meme coins tend to rise based on excitement, manipulation through social media, and fleeting feelings within the community rather than being grounded in intrinsic value or purpose. For example, Hawk Tuah soared in viral fame only to plummet when interest waned, leaving many investors with a substantial financial burden.

These instances highlight the risks inherent in the meme coin market, where sudden price fluctuations and contentious issues like the ChillGuy Intellectual Property dispute often occur frequently.

Alex Beene, an educator at the University of Tennessee at Martin, shared with crypto.news via LinkedIn messaging that meme coins can attract investors who might otherwise be wary about entering the cryptocurrency market. Yet, these meme coins commonly carry risks and may influence outsiders’ views of cryptocurrencies as a complex and uncertain sector.

Meme coins have drawn in a diverse group of people who might not have considered investing in financial products or services before. On the other hand, those who view cryptocurrencies like Bitcoin as genuine stores of value can find it disheartening to see news about the absurdities within the meme coin market and worry that it’s damaging the overall reputation of the crypto community. To summarize, there’s a range of opinions on this matter.

—Alex Beene

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2024-12-13 14:05