Originally published on: November 27, 2024
A Solana memecoin trader recently made headlines by turning a mere $160 investment into a whopping $5.6 million windfall. This trader made a smart move by purchasing Just a chill guy (CHILLGUY) tokens tied to a viral internet meme on Nov. 15.
According to data from Solana’s blockchain explorer Solscan, the trader initially exchanged 0.50 Solana (SOL), worth about $107 at the time, for 9.6 million CHILLGUY tokens on the Pump.fun platform. Later, the trader added another 0.246 SOL (around $51) for an additional 2.8 million tokens.
The CHILLGUY token skyrocketed in value, peaking at a market capitalization of $643 million by Nov. 27 and currently trading at $0.58. Despite selling 2.8 million tokens early for 149 SOL (approximately $35,000) and missing out on a potential $1.6 million profit, the trader still holds 9.62 million tokens now worth $5.6 million.
While some traders profited from the token’s success, the artist behind the Just a chill guy character, known as PhillipBankss, has expressed concerns regarding its unauthorized use. The artist has copyrighted the character and plans to issue takedowns for for-profit use of the art.
Community members speculate on the challenges of enforcing the artist’s rights, noting that memecoins based on decentralized launches are difficult to regulate. Despite the controversy, the memecoin continues to thrive, with one community member stating that the crypto asset is now immortalized on the blockchain.
Don’t miss out on the latest DeFi developments and financial opportunities. Subscribe to the Finance Redefined newsletter for insightful analysis and smart decision-making strategies delivered to your inbox every Friday. Join us as we explore the world of cryptocurrency and decentralized finance together!
