CHILLGUY Meme Coin Peaks at $500 Million Market Cap Amid TikTok Surge
Amid a significant altseason following Bitcoin's rally over $97K, Solana (SOL)-based meme coins, particularly Just a chill guy (CHILLGUY), have experienced substantial gains. Since November 16, CHILLGUY has surged over 400,000%, reaching an all-time high of above 40% today, trading at $0.28.
The peak market cap for CHILLGUY was $500 million, currently settling around $405 million, with a daily average trading volume of approximately $670 million. The token is listed on various centralized and decentralized exchanges such as MEXC, Raydium, Orca, and Bitmart, attracting nearly 100K on-chain holders.
As an early project in the meme coin sector, CHILLGUY primarily trades on DEXes, with Raydium accounting for over 58% of its total daily volume. Less than a week old, it has garnered more than $2.5 million in pooled liquidity.
In the last 24 hours, over 133K transactions involved buyers and around 106K were sellers.
Why CHILLGUY Meme Coin
CHILLGUY is a dog-themed project featuring a human body based on the 'My New Character' concept. The initial drawing by X platform user philb (@phillipBankss) gained traction through TikTok users.
— Nayib Bukele (@nayibbukele) November 21, 2024
CHILLGUY gained further recognition after El Salvador President Nayib Bukele shared a viral photo, which has received over 1.5 million views. Bukele's post was influenced by the recent Bitcoin price spike, increasing the country's BTC holdings to over half a billion dollars.
However, CHILLGUY may face selling pressure as early investors seek profits.
Bigger Picture
The meme coin industry has grown to over $120 billion, with a daily average trading volume of about $32 billion. Support from figures like Elon Musk for Dogecoin (#DOGE) has encouraged institutional investment in meme coins.
DWF Labs announced a $20 million Meme Fund aimed at supporting innovative meme coins, while Binance promotes meme coins to boost mainstream adoption of web3 and digital assets.
Coinbase Global Inc (NASDAQ: COIN) has listed prominent meme coins including frog-themed Pepe (#PEPE), dogwifhat (#WIF), and Floki Inu (#FLOKI).
The Solana network continues to be a key hub for meme coins, with the sector valued at over $20 billion and a daily average trading volume of around $10 billion.