Memecoins have taken the cryptocurrency world by storm, and TikTok has become a milestone for this trend. Some of the latest meme coins include the CHILLGUY token cryptocurrency based on a meme where there is a loafing cartoon dog.
It has been just two months since its launch on the Solana-based Platform Pump. Fun, CHILLGUY has sparked enormous interest. The token’s capitalization has grown to a remarkable $374 million; it has grown 251% in only 24 hours and 482,270% over the past week. Despite the small liquidity of $4.7 million, the coin’s popularity keeps rising, mainly due to TikTok’s billion-strong monthly user base.
One of the reasons the meme is quite popular on TikTok is that it contributes to the token’s success. For example, a funny post about the CHILLGUY meme went viral, while a tweet touting the same attained 1.5 million impressions. A key contributor to this meme coin revolution is the youthful Gen Z demographic across TikTok, who are skeptical of traditional financial systems and expect things to happen instantaneously.
Suki Yang, founder of the meme coin platform LMAO, says that whereas platforms like Twitter are for the mature crypto investor, “TikTok is what keeps casual users engaged, making them amplify trends simply with virality.” Its Blockchain Analyst Nicolai Søndergaard added that “the unique culture of TikTok is shaping the future of digital currencies and perhaps, at some point, the future of promoting meme coins.”.
Meanwhile, the “Chill Guy” meme’s creator, Phillip Banks, has initiated a copyright battle to take ownership of the meme. Banks is strictly against it for unauthorized use within cryptocurrency projects and has publicized he will issue takedowns against such activity.
TikTok’s influence gets stronger by the day as it blends internet culture with financial innovation and redefines how cryptocurrencies gain traction and market value.
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