The Chillguy meme has taken the internet by storm, sparking interest on platforms like TikTok and Crypto Twitter. However, Phillip Banks, the meme’s creator, is now issuing a warning to those who are profiting from his creation without authorization. Banks, who holds the copyright for Chillguy, is preparing to issue takedown notices for any unauthorized commercial use, including merchandise and meme-based cryptocurrencies like the CHILLGUY token.

The Solana-based token gained massive popularity this week, skyrocketing by over 1,000%, and briefly reaching a market capitalization of $500 million. However, as prices surged, speculation led to a significant downturn in the token’s value, dropping by nearly 50%. The meme, originally portraying a carefree character, has caught the attention of everyone from crypto enthusiasts to high-profile public figures, including President Nayib Bukele of El Salvador.

The token’s rise is attributed to viral TikTok videos, where everyday users, or “normies,” jumped into the fray, spreading the word about how to buy the token and hype it for future gains. This speculative mania is part of a broader trend in the crypto space, where tokens fueled by social media buzz and community-driven hype can lead to rapid price increases, often followed by sharp declines once the hype fades.

As the Chillguy meme’s creator seeks legal recourse, the incident serves as a reminder of the risks of meme coins—volatile assets prone to speculative trading—and the tension between creators’ rights and the power of viral internet culture.