CHILLGUY meme coin could be at risk as smart money sells

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As a seasoned crypto researcher with a decade of experience under my belt, I must say that Just a Chill Guy’s meteoric rise to fame has been nothing short of intriguing. It’s like watching a popcorn kernel explode in the microwave – you just can’t look away!

Casually speaking, the meme-based cryptocurrency was still riding high, with an impressive surge on Wednesday, boosted by prominent crypto exchanges adding it to their platforms.

A laid-back individual, known as CHILLGUY, surged to an all-time peak of $0.6575, propelling its market value close to a staggering $600 million. This significant valuation positioned it among the top performers in the meme coin sector. Remarkably, it now overshadows other well-known coins such as SPX6900, Turbo, and Memecoin.

Exchange listings boost Just a chill guy

The primary force behind this rally seemed to be the FOMO (Fear of Missing Out) among traders, along with the centralized exchanges listing the token. Specifically, Binance Futures added the token on November 27, potentially reaching tens of millions of its users. Remarkably, they listed it with a high leverage of 75 times.

Apart from the primary exchange, other platforms that listed the digital currency include Bitget, KuCoin, Woo, and BitMart. Traditionally, a surge in value for cryptocurrencies is often observed following their listing on major trading platforms. This is due to an increase in buying activity among traders as they aim to invest before the potential price rise caused by ‘Fear of Missing Out’ (FOMO).

The data indicates that the daily trading volume amounted to approximately $338 million, primarily contributed by Bybit, Gate, OrangeX, and Raydium. Consequently, it is expected that this volume could see a significant spike once the newly integrated platforms are factored in.

Nevertheless, it’s important to note that the CHILLGUY cryptocurrency may encounter certain risks. One such risk is the possibility of mirroring the trajectory of recently introduced hype tokens, such as Peanut the Squirrel and Act I The AI Prophecy. These coins have experienced a dramatic increase in value this month. However, they have shown a significant decline in recent days and have not performed as well as most meme coins.

As a crypto investor, I find myself in a situation where the creator of one particular coin has issued a legal threat due to its commercial usage. However, given that this coin is predominantly traded on global exchanges, it remains uncertain whether such a lawsuit would significantly impact its value and circulation.

just putting it out there, chill guy has been copyrighted. like, legally. I’ll be issuing takedowns on for-profit related things over the next few days

— philb (@PhillipBankss) November 21, 2024

CHILLGUY smart money investors are selling

3rd point, it appears some savvy investors might be cashing in their gains as a decline is observed in the number of ‘smart money’ wallets. According to Nansen, this count decreased from approximately 94 last week down to around 71 currently.

Smart money investor activities often indicate their strategies. As per Nansen’s data, there has been a significant increase in the number of tokens held on exchanges within the past few days. Initially holding over 76.61 million tokens, this number has surged by 727% compared to a week ago. This surge suggests that some investors may be choosing to cash out their investments.

With many fresh assets, there’s always a possibility they might reverse some of their early profits due to selling by investors. The direction these prices may head next is largely contingent on how Bitcoin (BTC), Solana (SOL), and other cryptocurrencies perform.

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2024-11-27 20:04