The crypto market was thrown into turmoil after Phillip Banks, creator of the popular “Chill Guy” meme , announced plans to issue legal takedown notices for copyright infringements using his character for profit without permission.
The move not only shocked the community but also sent the market value of memecoin Chill Guy (CHILLGUY) plummeting before quickly recovering.
In a post on X, Banks Chia his intention to pursue copyright infringement legal action for the unauthorized use of his artwork for profit.
“Chill Guy is a legitimate copyright. In the next few days, I will be issuing takedown notices for cases involving unauthorised profiteering. Not targeting brand accounts using the character as a trend – I don’t care too much about that (I just ask for credit or Xbox giveaways). Mostly targeting unauthorised commercial products and shitcoins.”
The Chill Guy meme became popular on TikTok thanks to its relaxed, relatable character image, attracting millions of users. Inspired by the popularity of the meme, CHILLGUY quickly became a phenomenon on Crypto Twitter and TikTok, with the participation of KOLs, presidents , sports brands such as UFC, LA Clippers, Paris Saint-Germain (PSG) and even regular users on social media. The explosive growth of this memecoin is XEM as a clear demonstration of the growing influence of social media platforms like TikTok in shaping crypto trends.
At its peak, the Solana Token had over 100,000 holder, breaking records as one of the fastest-growing memecoins in terms of user adoption. However, true to the nature of memecoins, the craze was short-lived. Phillip Banks’ legal threats and the natural volatility of the memecoin market caused a nearly 67% decline in market Capital , hitting a low of around $187 million after peaking at $579 million on Wednesday but has since recovered to $333.8 million at the time of writing.
Banks’ statement reflects the growing tension in the memecoin space. While meme like Chill Guy can spark viral trends and generate significant economic activity, the creators are often left on the sidelines, receiving little financial benefit from the craze.
Banks has made it clear that his legal action will not target non-commercial uses of Chill Guy. He has been lenient with brands using the meme , for example, when the Halo video game franchise featured the work in a tweet that read:
“Master Chief traded his plasma gun for a rocket launcher, but you're just a chill marine.”
Banks humorously responded by asking for an Xbox from Halo:
“Hey Halo, since you guys used my work, can I have an Xbox? Thanks.”
Banks’ legal stance has been met with humor and advice from the community, with some prominent figures on Crypto Twitter suggesting taking the opportunity to profit rather than sue.
“Dude, just claim 2% of the total Token supply like usual and live happily ever after,” joked a Thelema user.
Meanwhile, some crypto industry leaders like Solana Legend, co-founder and managing partner at Frictionless Capital and MonkeDAO, have highlighted the cultural significance of the Chill Guy meme . This prominent figure in the Solana ecosystem points out that the platform provides a unique way for people to explore cryptocurrencies through relatable meme .
“Chill Guy is having a moment like Bored Ape Yacht Club or OpenSea in making crypto accessible to the average person. Just 5 minutes of scrolling through TikTok, you can see people discovering meme,” the analyst commented .
CHILLGUY’s viral success underscores TikTok’s growing Vai in driving cryptocurrency adoption among those unfamiliar with the space. But the recent controversy also reflects the volatile nature of memecoins, with hype often overshadowing fundamentals. Early investors in CHILLGUY rode the wave of TikTok-fueled speculation, but profits quickly evaporated as momentum waned.
While Banks’ legal threats have shaken the momentum of the memecoin, they also highlight the challenges of monetizing intellectual property in the digital age. Banks’ efforts to protect his work could set a precedent for other meme creators facing issues with commercializing their work.
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Dinh Dinh
According to Beincrypto
