As a seasoned analyst with over two decades of experience in the ever-evolving world of digital currencies, I have witnessed countless instances where fortunes have been made and lost in the blink of an eye. The story of the Solana-based memecoin trader who turned a modest $160 investment into millions is yet another testament to the incredible potential that blockchain technology offers.
A Solana-based memecoin trader turned a $160 investment into millions after buying tokens tied to a viral internet meme.
As a researcher delving into blockchain data, I found that on November 15th, a specific wallet executed two transactions involving the memecoin known as Just a Chill Guy (CHILLGUY).
Initially, the trader swapped approximately $107 worth of 0.50 Solana (SOL) into 9.6 million CHILLGUY tokens on the memecoin generator platform Pump.fun. Later on, they invested an additional $51 worth of 0.246 SOL, gaining 2.8 million more tokens.
On November 15, the CHILLGUY cryptocurrency made its debut on the Solana blockchain, leveraging the widespread fame of the “Just a chill guy” meme that swept across social media platforms. The token’s worth skyrocketed, peaking at a market capitalization of $643 million by November 27. Currently, the meme-based coin is being traded at $0.58.
According to blockchain records, it appears the trader offloaded 2.8 million tokens at approximately 149 SOL ($35,000). This decision might have cost them a significant profit of around $1.6 million, as the current value of those tokens could be as high as $1.6 million more. However, they still own a substantial amount (9.62 million tokens) currently worth approximately $5.6 million.
Just a chill guy artist threatens legal action against tokens
Although certain traders benefited from the token’s prosperity, the creator of the Just a Chill Guy character has openly criticized its misuse without authorization.
On November 21st, the artist, commonly recognized as PhillipBankss on platform X, declared that he had already secured copyright for the chill guy character. He mentioned that he would be initiating takedowns for any commercial use of this artwork within the next few days. Earlier, it was clarified that he neither endorsed nor approved the usage of his art in cryptocurrency assets.
In contrast to the artist’s views, residents of X believe that enforcing regulations might prove tricky. They argue that digital currencies known as memecoins, which originate from decentralized and anonymous launches, can be hard to control or terminate due to their nature.
As an analyst, I’d rephrase that statement as follows: The fellow community member suggested that the memecoin persists independently of the artist, implying it has been etched into the blockchain for eternity.
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2024-11-27 17:00