LThe Chillguy meme, which gained popularity on platforms like TikTok and Twitter, is now facing a backlash from its creator, Phillip Banks, over the rise of parody tokens and unauthorized merchandise based on the character. Chillguy, a meme that portrays a laid-back character, was catapulted into the crypto spotlight when an unofficial Solana-based token, CHILLGUY, surged in value—peaking at $500 million market cap in a single day earlier this week.
Banks, who legally holds the copyright to Chillguy, expressed his frustration on X (formerly Twitter), announcing that he would be taking legal action against any for-profit applications, including unauthorized merchandise and meme coins. “Chillguy has been copyrighted. I’ll be issuing takedowns on for-profit related things over the next few days,” Banks wrote, clarifying that he’s not concerned with brand accounts using the meme as a trend, as long as proper credit is given or compensation, such as Xboxes, is offered.
The CHILLGUY token, created by an anonymous entity, saw a dramatic 1,000% increase in value, attracting the interest of both crypto traders and even brands, with notable figures from the crypto community, including Crypto Twitter traders, urging Banks to accept donations in tokens to keep the meme alive. However, as of Thursday, the token’s value has fallen nearly 50% from its peak, primarily due to profit-taking and a shift in attention from speculators.
Despite the volatility and the inevitable rapid declines that often accompany meme tokens, Chillguy captured the imagination of a wide audience, fueled in part by videos circulating on TikTok, where ordinary users—referred to as “normies”—shared tips on buying the coin. The rapid rise of such memecoins is often driven by hype and community-driven speculation, though their success is typically short-lived.
The surge of interest in Chillguy highlights the unpredictable nature of memecoins and social media trends in the crypto world, where price movements can be steep and driven more by hype than by substantial backing or a loyal community. As the dust settles, investors may face the painful reality of holding assets that are quickly losing value.
