CHILLGUY meme coin could be at risk as smart money sells

Just a cool guy, a viral meme coin, continued its spectacular rally on Wednesday, aided by strong listings from some of the top crypto exchanges.

Just a cool guy (CHILLGUY) rose to a record high of $0.6575, taking his market to almost $600 million. This valuation has made it one of the best performing meme coins in the industry. SPX6900 has become larger than other popular coins such as Turbo and Memecoin.

Trade listings are on the rise Just a quiet guy

This rally was mostly driven by Fear of Missing Out among traders and centralized exchange listings. Binance Futures listed the token on November 27, bringing it to tens of millions of customers. Listed with 75x leverage.

Other important exchanges that listed the coin were Bitget, KuCoin, Woo and BitMart. Historically, cryptocurrencies rise after being listed by major exchanges. This happens as more traders buy them amid FOMO.

Data shows 24-hour trading volume was $338 million, with most of it coming from Bybit, Gate, OrangeX and Raydium. Therefore, this volume is likely to increase sharply when new exchanges are included.

Still, the CHILLGUY cryptocurrency faces some potential risks. First, the cryptocurrency could replicate other recently launched exciting tokens like Squirrel Peanut and Act I The AI ​​Prophecy, which went parabolic this month. The two have experienced a sharp pullback in the past few days, underperforming most meme coins.

Secondly, the creator of Just a chill guy threatened to sue over the use of his work for commercial purposes. However, since it is mostly traded on international exchanges, it is not yet clear whether the case will have a significant impact.

I’m putting this here, copyrighted by chill guy. legally, for example. I’ll be taking down for-profit stuff in the next few days

— philb (@PhillipBankss) November 21, 2024

CHILLGUY sells smart money investors

Third, there are signs that the smart money is starting to turn a profit. Data from Nansen shows that the number of smart money wallets has fallen from 94 last week to around 71 today.

The trades of smart money investors are a common signal of what some of the biggest money holders are doing. More data from Nansen shows that the number of tokens on exchanges has increased sharply in the last few days. Over 76.61 million tokens were obtained, an increase of 727% compared to a week ago; This is a sign that some investors are starting to exit their trades.

As with most new tokens, there is a risk of taking back some of the initial gains during profit taking. Future price movement will likely depend on the performance of Bitcoin (BTC), Solana (SOL) and other cryptocurrencies.

Disclosure: This article does not constitute investment advice. The content and materials on this page are for educational purposes only.