Phillip Banks, the inventor of the Chillguy meme, has announced his intention to protect his intellectual property rights by issuing takedown notices for any commercial use of the character.

Prominent figures in the cryptocurrency community have humorously suggested that Banks should accept tokens or payments through a Solana wallet.

The rise of the CHILLGUY token was driven by its burgeoning popularity on platforms like TikTok, catching the attention of even users uninterested in cryptocurrencies, and prompting a speculative wave for new viral tokens.

“Chill guy has been copyrighted. like, legally. I’ll be issuing takedowns on for-profit related things over the next few days,” Banks stated.

"Chill guy has been copyrighted. like, legally. I’ll be issuing takedowns on for-profit related things over the next few days."

Banks’ warnings have created a stir amongst CHILLGUY token holders, whose investment has seen a significant drop following the meme's initial success.

As the meme surged on social media, traders on Crypto Twitter urged Banks to share a Solana address for continued support, although his targets remain unclear.

The CHILLGUY meme, characterized by its carefree aesthetic, has garnered attention from various brands, including commentary from President Nayib Bukele, which fuelled further discussion around the token.

Investment in memecoins can be volatile, often riding on speculative trends and community engagement; however, they can fall as abruptly as they rise, especially as newer memes take center stage.