Just a Chill Guy (CHILLGUY) Meme Coin Reaches Peak Market Cap of $500M Fueled by Popularity on TikTok

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As a seasoned analyst with years of experience navigating the cryptocurrency market, I’ve seen my fair share of meme coin phenomena. However, the rapid rise of CHILLGUY, a dog-themed project based on the ‘My New Character’ theme, has managed to catch my attention.

With Bitcoin soaring over $97K, Solana (SOL) based meme coins like Just a chill guy (CHILLGUY) have experienced significant growth in recent times. Since November 16, CHILLGUY’s meme coin has surged more than 400,000%, peaking at over 40% earlier today. Currently, the meme coin is trading at $0.28.

Following its surge, the value of the meme coin reached a maximum market capitalization of $500 million, then stabilized at approximately $405 million. Its daily trading volume averaged around $670 million. Currently, it’s available on various centralized and decentralized platforms like MEXC, Raydium, Orca, Bitmart, and more. As of this report, the CHILLGUY token has garnered close to 100,000 active holders in its network.

As a researcher studying the emerging meme coin project, CHILLGUY, I’ve observed that the majority of its trading activities take place on Decentralized Exchanges (DEXes). In particular, Raydium accounts for approximately 58% of its total daily volume. It’s remarkable to note that this relatively new meme coin, just a few days old, has already amassed over $2.5 million in pooled liquidity.

Over the last day, I’ve observed that approximately 133,000 transactions were made by buyers, whereas about 106,000 transactions were initiated by sellers.

Why CHILLGUY Meme Coin

The meme coin called CHILLGUY originated from a dog-centric project featuring a human body, inspired by the “My New Character” concept. It was first sketched by user philb (@phillipBankss) on X platform in the last months of 2023. However, its popularity took off when TikTok users started engaging with it.

— Nayib Bukele (@nayibbukele) November 21, 2024

The popularity of the CHILLGUY meme token increased significantly when El Salvador’s President, Nayib Bukele, shared a widely-shared image on his account. At present, this post by Bukele has garnered more than 1.5 million views. It is worth noting that this publicity stems from the recent surge in Bitcoin’s price beyond $97K, which elevates the country’s Bitcoins assets to over half a billion dollars in value.

The significant achievement of the CHILLGUY meme token might encounter significant selling pressure in the short term, as initial investors look to capitalize on their profits swiftly.

Bigger Picture

According to recent reports, the market value of meme coins now exceeds $120 billion, with a daily average trading volume of approximately $32 billion. Notably, Dogecoin (DOGE), backed by tech billionaire Elon Musk, currently stands at $0.39 with a 24-hour volatility rate of 1.9%. Its market capitalization is $56.71 billion, and it has traded a volume of $10.26 billion in the last 24 hours, attracting more institutional investors due to Musk’s support.

For example, DWF Labs, a market maker and investor in web3, recently declared a $20 million fund dedicated to meme tokens, specifically aimed at backing innovative ones. Furthermore, Binance exchange has been actively promoting meme coins to speed up the mainstream acceptance of web3 technology and digital assets.

Coinbase Global Inc (NASDAQ: COIN) has now listed popular meme tokens, with Pepe, Wif, and Floki Inu being among the first. Here’s a brief overview of each:

The Solana network continues to be a significant center for popular digital coins known as meme coins. This field has achieved a market value exceeding $20 billion and typically trades approximately $10 billion in value every day.

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2024-11-21 12:27