The TikTok memecoin phenomenon has recently taken the crypto world by storm, with the most prominent player, known as Just a chill guy [CHILLGUY], bringing substantial profits to early-bird traders.
In a short span of two weeks, the limelight has shifted from AI technologies to DeSci (Decentralized Science) and now to the TikTok meta trend.
While there are risks involved in following trending narratives for financial gains, some traders managed to capitalize on the CHILLGUY craze exceptionally well.
The Meteoric Ascend of CHILLGUY
The ‘just a chill guy’ meme, featuring a relaxed dog-bear-like creature, has been creating a buzz on various social media platforms recently.
An individual capitalized on this trend by launching a memecoin on the Solana blockchain through Pump.fun. TikTok’s involvement catapulted its market cap to half a billion dollars in less than a week.
Notably, the rapid growth surpassed the surge witnessed by PNUT earlier.
CHILLGUY gained over 100K holders in just a week, surpassing PNUT, which took more than 10 days to reach 60K holders. Presently, CHILLGUY boasts 103.8K holders according to Solcan data.
Despite a slight decline leading to a market cap reduction from $500 million to approximately $400 million, the increase in holders suggests sustained interest in the memecoin with the potential for a rebound.
Regarding token distribution, the top ten holders own roughly 10% of the total supply of 999.9 million CHILLGUY tokens. Consequently, even if these major holders were to sell off their holdings, their impact on price action would likely be limited.
Furthermore, CHILLGUY has become one of the top 10 trending tokens on the Solana network, which could positively affect its value as long as TikTok-driven narratives maintain dominance.
What Lies Ahead for CHILLGUY?
In a span of just one week, CHILLGUY soared from $0.002 to $0.5, marking an astounding price surge of +10,000%. This translates to a 100x return, greatly coveted by many crypto traders. For instance, someone who invested $100 at the lowest point could have seen their investment grow to $10,000 when CHILLGUY peaked at $0.5.
If the current momentum persists, key price levels to monitor next would be $0.7 and $0.28. However, given the speculative nature of memecoins, there remains a considerable risk of total loss, making Solana [SOL] a potentially safer choice for exposure to the memecoin craze.