CHILLGUY Meme Coin Tanks 14% Amid Plagiarism Controversy: What’s Next?

CHILLGUY meme coin has ruled the heart of the internet and crypto industry. For weeks, people have been talking about this laid-back anthropomorphic dog. However, its popularity also brought multiple controversies. One of which is the plagiarism claims by netizens, which tanked the CHILLGUY price by around 14% within a day.

CHILLGUY Meme Coin Might Be Plagiarised From Thailand

Multiple reports witnessed the Just a Chill Guy meme coin entering social media in October 2023, where Philip Banks claimed to be its creator. However, he hated the idea of using his artwork in brand promotions and meme crypto development. As a result, Philip published legal threats on X, impacting the CHILLGUY price performance. However, a recent Reddit post revealed new information on the matter, creating a plagiarism controversy.

A Reddit user shared an image of a booklet, which raised the suspicion that the meme might be plagiarised from a Thailand booklet. Instead of the CHILLGUY, the booklet called it RELAX BOY, whose face is swapped with the Dog in the CHILLGUY meme coin. Interestingly, the timeline for this booklet publication is a little confusing. A few users added that it is six years old, while others added that it is eight years old.

However, there is not enough information about this booklet, and it lacks supporting documents. Interestingly, people suspect the usage of AI technology to create this fake reference. Regardless, investors also doubt this is an attempt to pump the hype around the CHILLGUY meme coin to boost its performance.

CHILLGUY Price Dropped 14% But Will Recover If

Amid this ‘Just A Chill Guy’ controversy, the CHILLGUY price today dropped 14% and currently trades at $0.1792. With that, its market capitalization has also declined to $179.18M, but there is a 6% surge in trading volume, indicating increased investor interaction. Although the controversy is mere, strong selling pressure has surrounded the token, fueling a downtrend.

According to the TradingView technical charts, the CHILLGUY meme coin is in a strong selling zone, where the moving averages on all timeframes and MACD confirm the current downtrend. Moreover, the RSI is neutral, which indicates the continuity of current trends, but it is also near an oversold region. If the token entered the oversold territory, a trend reversal could happen, generating significant buying pressure on the token and aiding in the CHILLGUY price recovery. A few other technical indicators also hint at the same, but only if the buyer entered the market.

What’s In There For You?

The demand for Solana meme coins is quite high this year. Creators actively launched thousands of cryptos on the Solana network. It includes the ‘Just a Chill Guy” meme coin, which is under a plagiarism controversy, as people claim the meme originated from a 6-8 year-old Thailand booklet character RELAX BOY. However, the lack of proof creates suspicion, leading people to claim that this is to boost the CHILLGUY Price. With that, the CHILLGUY meme coin has entered a downtrend, losing 14% of its value over the last 24 hours, making it a buying opportunity. However, technical analysis indicates a further downtrend unless the buying pressure builds up and pulls the token upward. Regardless, the token is in a long downtrend, as it has moved 74% from its ATH of $0.667, set a month ago. As a result, careful and strategic planning is mandatory before making investment commitments.