Chilling and relaxing: the secret to the popularity of the Chill Guy memecoin

Chill Guy (CHILLGUY) is a coin whose history began with a hype meme by artist Philipp Banks. In October 2023, he published an image of an anthropomorphic dog in X. The beast was dressed casually: sneakers, jeans and a gray sweater. The dog has a slight grin on his face. With his appearance, the dog showed that everything in life should be treated simply.

On the official website memcoin in the “Funny Facts” section says that Chill Guy’s favorite phrase is: “Why worry?” (Why worry?), and also that Chill Guy is a shining example of an easy perception of life. The approach turned out to be in demand, given the strong psychological effect that tensions in the world have had on people. Chill Guy volunteered to be an outlet.

Nevertheless, the popularity of the meme did not come immediately, but only a year after its origin. Interest in Chill Guy among TikTok users has contributed to the meme’s use as a promotional tool by some organizations, such as the Atlanta Hawks basketball club and the movie theater chain AMC Theatres.

Creation of memcoin

Chill Guy (CHILLGUY) was released on November 15th. It is based on the character of Banks, but there is no information about who is behind the creation of the memcoin. However, this did not prevent the new token from reaching a market capitalization of $655 million in a fairly short period of time, which caused negativity from Banks.

Banks’ words did not go unnoticed by investors and had a negative impact on the coin – in a few days it lost more than $300 million of its market capitalization.

Specifications

Chill Guy, like many other popular memecoins, is built on the Solana blockchain. The issue is limited to 1 billion tokens. Crypto wallets Binance Web3 Wallet, Trust Wallet, SolFlare, Backpack and Phantom can be used to store Chill Guy. The latter is directly recommended by the official memcoin website.

There are many ways to purchase Chill Guy. For example, through the Moonshot liquidity protocol. To do this, you will need to have funds on Apple Pay, Visa or Venmo. Another purchasing option is through a crypto wallet. First, you need to buy SOL coins and then exchange them for CHILLGUY through the Jupiter decentralized trading platform. You can also buy memcoin on the centralized platforms Binance, Bybit or KuCoin.

From $160 to $35,000

On November 15, one trader bought almost 12.5 million Chill Guy tokens in two steps for a total amount of just under $160. He quickly sold 2.8 million of them for $35,000. At the same time, the trader missed out on a profit of $1.6 million if he had sold at the maximum. In any case, the noname still had more than 9 million tokens in his hands. But even if he forgot about the coins, the investments given more than 218-fold increase. The answer to the question of whether you can make money on Chill Guy is definitely yes. Another thing is that profit is not guaranteed to anyone.

Technical analysis

It is premature to draw global conclusions about the coin, given that it has been trading for less than a week. All that can be said for now: on the hype, Chill Guy grew by 252% in the first 24 hours, after which investors began taking profits. The correction is still ongoing, already approaching 50%.

Chill Guy’s overall trend is bearish, as evidenced by the price position below the 50-hour moving average (in blue). But oscillators, such as RSI, show that memcoin is in the oversold zone. Moreover, a bullish divergence has even formed on the chart, so some rebound is quite likely. However, there will be no talk of a change in sentiment among Chil Guy investors until the resistance level of $0.415 is overcome. The current support level is $0.3585.