The CHILLGUY meme coin experienced a significant drop in value after a series of events on social media. The token, inspired by the "Just a Chill Guy" meme, had seen its market cap rise from $10 million to over $461 million since its launch.
The initial excitement came when the creator of the meme announced a licensing agreement for the intellectual property, causing the token's value to spike. However, it was soon revealed that the announcement was a hoax orchestrated by a hacker. Within 30 minutes, the token's value plummeted by over 25%.
This incident serves as a cautionary tale for meme coins and highlights the risks associated with investing in assets tied to unlicensed intellectual property. It also emphasizes the importance of due diligence and verification of information in the cryptocurrency market.
The incident may lead to greater caution and the need for clearer guidelines and protections against fraud in the future.