Just a Cool Guy Viral Coin continued its spectacular rally on Wednesday, aided by strong quotes from some of the major crypto exchanges.
Just a chill guy (CHILLGUY) hit an all-time high of $0.6575, pushing its market to almost $600 million. This valuation has made it one of the best performing coins in the sector. It has become bigger than other popular coins like SPX6900, Turbo and Memecoin.
Exchange Lists Boost Just A Cool Guy
This rally was mainly driven by fear of missing out among traders and centralized listings on exchanges. Binance Futures listed the token on November 27, giving it exposure to tens of millions of its customers. He listed it with 75x leverage.
Other major exchanges listing the coin were Bitget, KuCoin, Woo, and BitMart. Historically, cryptocurrencies rebound after being listed on major exchanges. This is happening as more traders buy them amid FOMO.
The data shows that the 24-hour trading volume was $338 million, with the majority coming from Bybit, Gate, OrangeX and Raydium. As such, this volume will likely increase sharply when the new exchanges are included.
Nevertheless, CHILLGUY crypto faces some potential risks. First, the coin could replicate other recently launched trending tokens like Peanut the Squirrel and Act I The AI Prophecy, which went parabolic this month. Both have pulled back sharply in recent days and have underperformed most meme coins.
Second, the creator of Just a chill guy threatened to sue for using his creation for commercial purposes. However, it is unclear whether the lawsuit will have a major impact given that the shares are primarily traded on international exchanges.
CHILLGUY Smart Investors Sell
Third, there are signs that smart money has started to turn a profit. Data from Nansen shows that the number of smart money wallets has increased from 94 last week to around 71 today.
Trades by smart money investors are a common signal of what some of the largest holders are doing. Other data from Nansen shows that the number of tokens on exchanges has increased sharply in recent days. It had more than 76.61 million tokens, up 727% from the previous week, a sign that some investors have started to abandon their trades.
As with most new tokens, there is a risk that this will reduce some of the initial gains due to profit-taking. Future price action will likely depend on the performance of Bitcoin (BTC), Solana (GROUND), and other coins.
Disclosure: This article does not represent investment advice. The content and materials presented on this page are intended for educational purposes only.