TL;DR
- CHILLGUY’s price headed north in the last 24 hours, outperforming DOGE, SHIB, and other leading meme coins.
- While investing in meme coins might sound quite intriguing, it carries high risks, especially for inexperienced traders, and can lead to significant losses.
Pumping Again
The meme coin niche has started recovering from the latest correction, with numerous assets charting mild gains in the past 24 hours. However, there are some whose prices have exploded by double digits for the same period.
One evident example is the recently launched Solana-based meme coin – Just a chill guy (CHILLGUY). Its valuation is up almost 50% on a daily scale, currently trading at around $0.44. Its market cap briefly exceeded $500 million before slightly retracing to $440 million.
The exact reason behind the asset’s rally remains unknown. However, multiple market participants have recently speculated that the token might be listed on Binance. Support from such a major exchange will increase CHILLGUY’s accessibility and boost its liquidity, potentially leading to another price explosion.
The asset saw the light of day last week, quickly capturing the crypto community’s attention. Among the people touching upon its progress was El Salvador’s BTC-loving president – Nayib Bukele. He posted a picture of the smirking dog (the logo of CHILLGUY) on his official X account, sparking a flurry of reactions.
Still Far Away From the Top
Despite its solid pump as of late, CHILLGUY has yet to catch up with the sector’s leaders. Dogecoin (DOGE) remains the biggest meme coin, with a market capitalization of over $63 billion. Shiba Inu (SHIB) follows next with $15.3 billion, while Pepe (PEPE), Bonk Inu (BONK), and dogwifhat (WIF) are below the $10 billion mark.
Memes have become one of the highlights of this bull cycle, offering the chance of impressive profits to people who jump on the bandwagon at the right time and cash out before it’s too late.
On the other hand, the niche could be quite dangerous to inexperienced and overleveraged traders and might lead to crucial losses.
Those about to enter the ecosystem should follow some key rules, such as investing only as much as they are ready to lose and conducting proper research beforehand.
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