A trader won a fortune betting on a cryptocurrency inspired by a viral internet meme, which is now worth more than $500 million in market capitalization.
What Happened: On-chain tracking platform Lookonchain took to X Wednesday, highlighting the extraordinary trade of
Just a chill guy (CHILLGUY) token.
The trader turned a mere $160 into a staggering $6.14 million in just 12 days, marking a 38,399X return on investment.
The trader purchased 12.5 million CHILLGUY tokens on Pump.fun, a Solana (CRYPTO: SOL)-based meme coin launching pad, for 0.75 SOL, equivalent to $160. Subsequently, they sold 2.8 million CHILLGUY for 149 SOL, worth $35,400.
The trader still has 9.62 million tokens in their coffers, valued at $6.1 million, resulting in a total profit of $6.14 million.
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The huge windfall planted doubts in the minds of some observers, who called the trader an insider. Since their sale, the price of the token has plummeted as much as 21%.
Schemes like pump-and-dumps have been fairly common in the cryptocurrency market, where a person or group starts to artificially inflate the price. Once unsuspecting investors are lured in and the price is sufficiently "pumped," the holders start dumping their assets at profits.
That said, there was nothing concrete to suggest that the same transpired in the aforementioned case.
The meme coin, based on the “Chill Guy” meme, featuring a dog in a sweater and jeans with a smirk, has quickly grown into a half-billion-dollar market capitalization asset.
Over the last week, the token has jumped over 46% as cryptocurrency traders continue to turn internet memes and trends into money-making possibilities.
The token has a circulating supply of 999.7 million, while its volume-to-market cap ratio stood at 31.08% as of this writing.
Price Action: At the time of writing, CHILLGUY was exchanging hands at $0.5186, down 5.09% in the last 24 hours, according to CoinMarketCap. Its trading volume plunged by 47% to $156 million in the last 24 hours.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
