Blockchain tracker Lookonchain recently reported that an astute crypto trader has managed to achieve an impressive 38,399x return on investment with a new memecoin. The trader in question has seen massive gains from an obscure token called Just a Chill Guy (CHILLGUY), which is built on the Solana (SOL) blockchain and is based on a popular cartoon character.
According to Lookonchain, this anonymous trader turned a mere $160 investment into a staggering $6.14 million. Just 12 days ago, the trader spent 0.75 SOL (equivalent to $160) to purchase 12.5 million CHILLGUY tokens on Pump.fun. Subsequently, the trader sold 2.8 million CHILLGUY tokens for 149 SOL, amounting to $35.4k. At present, the trader still holds 9.62 million CHILLGUY tokens, valued at $6.1 million, resulting in a total profit of $6.14 million.
CHILLGUY has quickly gained popularity as one of the hottest memecoins in recent times. However, the creator of the original “Chill Guy” meme, Phillip Banks, has issued a warning to CHILLGUY holders. Banks notified the community that he intends to take legal action against the unauthorized use of his cartoon in the Solana-based memecoin due to copyright infringement concerns.
In a tweet posted on the social media platform X, Banks stated, “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.” Following Banks’ announcement, the value of CHILLGUY plummeted by approximately 54%. This highly volatile memecoin, which was launched less than two weeks ago, is currently trading at $0.461, marking a 16.1% increase from a week ago.
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Image Source: Lookonchain/X
In conclusion, the crypto market continues to be a hub for lucrative opportunities, but investors should exercise caution and stay informed about potential legal issues that may affect their investments. Keep an eye on the ever-changing landscape of memecoins and emerging blockchain projects to make informed decisions in the volatile world of cryptocurrencies.