The rise of the Chillguy meme has sparked significant buzz across social media platforms, especially TikTok and Crypto Twitter, where it quickly turned into a viral sensation. However, Phillip Banks, the creator behind Chillguy, has taken issue with the recent creation of a parody token bearing the meme’s likeness. Banks, who holds the copyright for Chillguy, has announced plans to issue takedown notices for unauthorized uses, particularly targeting for-profit ventures such as merchandise and meme-based tokens like the Solana-backed CHILLGUY token.

The CHILLGUY token, which reached an impressive market cap of $500 million earlier this week, surged by over 1,000% in a single day, largely driven by viral trends on TikTok where regular users, often referred to as “normies,” shared content on how to buy into the token. This speculative interest was coupled with a broader trend of online crypto traders scouring TikTok for the next big memecoin, fueling an atmosphere of feverish buying and selling.

Despite the initial hype, however, the price of the CHILLGUY token has since plummeted by nearly 50%, illustrating the highly volatile nature of meme-based cryptocurrencies. These tokens often thrive on hype and social media trends, with little to no inherent value, causing wild fluctuations in price. As the meme continues to spread, investors and traders are reminded of the risks of investing in assets that are largely driven by trends rather than fundamental utility.

In response to the viral success and the unintended consequences of his creation, Banks has expressed frustration, though he noted that he does not mind non-commercial uses of Chillguy as a meme, as long as credit is given or compensation is offered in a form he humorously suggested (like an Xbox).