As a seasoned researcher who has witnessed the ebb and flow of countless digital assets, I can’t help but feel a tinge of deja vu when observing the ChillGuy meme coin saga. The rapid plummet in value and the subsequent revelation of market manipulation and intellectual property disputes are all too familiar tropes in the wild world of cryptocurrencies.
As I observed the market dynamics, I noticed a significant drop of approximately 25% in the value of ChillGuy meme coin within mere thirty minutes following the denial of our project’s claim to own exclusive rights over the original Chill Guy meme.
The price fell from $0.4793 to $0.2677, with market capitalization down to $299 million, and trading volumes jumping up by 172%, which means investors holding on to their coins started selling.
Philip Banks, the creator of Chill Guy meme, said he never gave any IP or licensing rights to the ChillGuy crypto project. He also explained how hackers gained control of his social media accounts to impersonate him, falsely claiming he had given them IP permission.
This coin gained widespread acceptance due to its appealing vibe that resonated with numerous individuals, particularly Gen Z and meme enthusiasts. It made its debut on Solana’s blockchain on November 15 and rapidly reached a market capitalization of $561 million by November 27. Its value continued to rise following its listing on Binance; however, it began to decline when an intellectual property dispute surfaced.
A cyber attack on Banks X’s (previously known as Twitter) account led to a 30% surge in the token value, peaking at $0.44. However, once it was discovered that the posts were questionable and a hack had occurred, the price dropped. The ChillGuy crypto team and community quickly identified the tweets as false, and they have now been removed from circulation.
Beyond the ChillGuy controversy, concerns have arisen due to allegations of market manipulation. On-chain information reveals that the market maker Wintermute purchased approximately $1.2 million in CHILLGUY tokens prior to the tweet being hacked and subsequently sold them at a substantial profit. This raises doubts about the legitimacy of trading activities during the turmoil, implying potential manipulation of the market.
The bank aims to secure copyright for its artwork so no one can use it without authorization, particularly within the realm of cryptocurrencies.
He emphasized again that the meme doesn’t directly connect to the digital coin, a point he made clear. The ongoing issues underscore the potential risks involved when speculating in meme-based cryptocurrencies, as they often lack intrinsic worth and can be swayed by hype and market fluctuations.
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2024-12-13 19:01