Blockchain tracker Lookonchain has revealed that a savvy crypto trader has made an incredible 38,399x return on a new memecoin. The memecoin in question is Just a Chill Guy (CHILLGUY), which is built on the Solana (SOL) blockchain and is based on a popular cartoon character.
According to Lookonchain, an anonymous trader invested $160 into CHILLGUY and has seen their investment soar to $6.14 million. The trader initially bought 12.5 million CHILLGUY tokens for 0.75 SOL ($160) on Pump.fun, and later sold 2.8 million CHILLGUY tokens for 149 SOL ($35.4k). The trader still holds 9.62 million CHILLGUY tokens, with a total profit of $6.14 million.
CHILLGUY has been generating a lot of buzz in the memecoin community over the past month. However, last week, the creator of the viral “Chill Guy” meme, Phillip Banks, announced that he plans to take legal action against the memecoin for copyright infringement. Banks took to social media platform X to warn CHILLGUY holders about his plans to issue takedown notices for unauthorized, for-profit use of his cartoon.
At the time of writing, CHILLGUY is trading at $0.461, up 16.1% from a week ago. Following Banks’ announcement, the price of CHILLGUY dropped by 54%. The memecoin, which was created less than two weeks ago, has proven to be extremely volatile in the market.
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In conclusion, the incredible success story of the anonymous trader who turned $160 into $6.14 million with CHILLGUY serves as a reminder of the potential gains and risks associated with investing in memecoins. As the market continues to evolve, it is essential for traders to stay informed and make well-informed decisions to navigate the volatile crypto landscape.