An anonymous crypto trader has achieved an astronomical return of 38,399x on a new Solana-based memecoin called Just a Chill Guy (CHILLGUY), according to blockchain analytics firm Lookonchain.
The trader initially invested just 0.75 SOL (approximately $160) to purchase 12.5 million CHILLGUY tokens on the Pump.fun platform. Within 12 days, they sold 2.8 million tokens for 149 SOL ($35,400) and still hold 9.62 million CHILLGUY tokens valued at approximately $6.1 million.
The memecoin, which is based on a viral cartoon character, has experienced extreme volatility since its launch less than two weeks ago. Currently trading at $0.461, CHILLGUY has seen a 16.1% increase over the past week despite recent controversy.
The success story comes with a twist as Phillip Banks, the original creator of the "Chill Guy" meme, announced plans to take legal action against the cryptocurrency project. Banks stated on social media platform X that the cartoon is copyrighted and warned he would issue takedown notices for unauthorized for-profit uses of his artwork.
Following Banks' announcement, CHILLGUY's price dropped by 54%, highlighting the inherent risks in memecoin investments. This case demonstrates both the potential rewards and dangers in the volatile world of cryptocurrency trading, where massive gains can materialize rapidly but face equally swift reversals due to various factors including legal challenges.