Binance Lists Viral Meme Coin CHILLGUY Driving Massive Gains

• Binance listed the meme coin CHILLGUY as its market cap reached $600 million
• CHILLGUY’s value surged by 80% over the week amid viral influence and trading activity
• The CHILLGUY token draws inspiration from the viral “Chill Guy” meme created by artist Phillip Banks

Binance recently announced it would list the popular meme coin CHILLGUY on its futures market. This came after the token saw its market cap surge past $600 million just two weeks after launching. The meme coin draws its inspiration from the viral “Chill Guy” character created by artist Phillip Banks.

CHILLGUY’s Recent Price Action

CHILLGUY’s value has risen around 7% over the past 24 hours, extending its weekly gains to 80%. The token reached a new high of $0.65 in early trading but has since pulled back, currently trading around $0.53. Its market cap sits at $534 million, surpassing other meme coins like Turbo and Moodeng. While many tokens jump after a Binance listing, CHILLGUY’s rally was relatively brief, spiking 13% before declining.

Background on the Chill Guy Meme

The Chill Guy meme portrays a laid-back anthropomorphic dog wearing a sweater, jeans, and sneakers. The relaxed character resonated with audiences. El Salvador President Nayib Bukele recently tweeted the meme, causing a 65% price surge for CHILLGUY within 90 minutes. However, artist Phillip Banks does not endorse any crypto projects using his meme without permission.

Conclusion

The Binance listing shows the power exchanges wield in fueling hype and short-term price spikes for trendy meme coins. However, controversies around unauthorized use of memes highlight the risks in trading joke tokens lacking a purpose beyond speculation. It remains to be seen if CHILLGUY can sustain its gains.