The post ChillGuy Meme coin down 45% amid IP Rights Violation by team appeared on BitcoinEthereumNews.com.

The Chill Guy meme coin dropped over 45% in just 30 minutes after it came out that the project does not have any intellectual property rights to the original Chill Guy meme.  Philip Bankss, the creator of the Chill Guy meme, has not granted licensing and IP rights to the Chill Guy crypto team. This has led to Chill Guy’s (CHILLGUY) holders to dump over 45% of the token in 30 minutes, pushing prices to as low as $0.2637 from $0.4793. The market cap, for the last 24 hours, has lost 15% at a resting value of $307.89 million, according to CoinMarketCap. On the other hand, the trading volume increased by 207.12%, which also reflects a wave of sell-offs by the investors. ChillGuy meme coin price chart shows a sharp decline, dropping over 45% in value within a short period amid controversy over IP rights. Bankss publicly rejected the project, saying that he never permitted the use of his drawing in the crypto ecosystem. Instead, he disclosed that some hackers had taken over his social media accounts and tried to impersonate him to make easy money off the meme coin‘s hype and given IP and licensing rights on his behalf to the crypto project. The real Philip Bankss posts on tumblr. Philip Bankss mentions on his tumblr post that most of his social media accounts are hacked. Launched on Nov. 18 on Solana (SOL), ChillGuy took up the then-viral ‘Just A ChillGuy’ meme that gained people’s attention on social media. The meme coin became quite popular, especially among Gen Z audiences sharing the meme with funny portrayals of everyday situations. The project reached an all-time high with a market cap of $561 million on Nov. 27, after the token perpetual contracts was listed on Binance. Even though the coin initially…

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Filed under: News - @ December 13, 2024 11:22 am