The Chill Guy memecoin which shot to the limelight after surging by over 511% a few weeks ago is currently facing a risk of price slump as data shows its largest holders are all taking profit.
The Chill Guy memecoin minted a fresh batch of crypto millionaires and one savvy trader was able to turn $865 to $6.4 million.
The memecoin continued on that trajectory on Wednesday hitting a record high of $0.6575 with its market capitalization hitting $600 million.
However, at the time of the report, the memecoin has retracted to $0.4968 dropping by 14.4% in the last 24 hours. The Chill guy’s market capitalization has also cooled to $481 million at the moment.
Chill guy benefits from Major exchange listings
The Chill Guy memecoin was arguably one of the highest performing memecoins of the current bull cycle. The stellar performance was further boosted by major exchanges listing the memecoin adding to its credibility and attracting more backers.
- Binance Futures listed the token exposing it to millions of its userbase at a 75X leverage.
- Other major crypto exchanges driven by fear of missing out listed the token. Bitget, KuCoin, Woo, and Bitmart listed the Chill Guy memecoin driving up its 24-hour trading volume.
- The 24-hour trading volume hit $338 million, with most of it coming from Bybit, Gate, OrangeX, and Raydium. This number is going to increase as more exchanges list the token.
Besides the positive developments, The creator of the Chill Guy meme has threatened to sue anybody using his creation for commercial purposes. Philips Banks the creator announced that he has copyrighted the property although it is unclear how that would stop the memecoins trading which happens mostly on international exchanges.
Chill Guy’s largest holders taking profits
The price level of the Chill Guy memecoin is at risk of slumping even further following the onchain activity of its biggest holders.
- Data released by Nansen revealed that the smart money wallets holding chill guy have dropped from 94 to 71.
- To back this claim up, Nansen also revealed that the number of chill guy tokens on exchanges has also increased rapidly. The number has surged to 76.61 million tokens, up by 727% from a week earlier, a sign that some investors have started to exit their trades.
Chill guy smart money holders taking profits would create a selling pressure driving down the price of the memecoin. This is a common occurrence for all new tokens.
What to Know
- Aside from Chill Guy, other high-performing memecoins of the bull cycle include PNUT and dogecoin. Both memecoins were indirectly shilled by Elon Musk who is a closet memecoin fan.
- Memecoins are crypto assets inspired by internet memes or popular personalities. They usually lack real-world utility and gain their value from the level of community engagement around them.
