Only a chill man, a viral meme coin, continued its spectacular rally on Wednesday, helped by sturdy listings by among the prime crypto exchanges.
Only a chill man (CHILLGUY) rose to a report excessive of $0.6575, pushing its market to nearly $600 million. This valuation made it one of many best-performing meme cash within the trade. It has change into greater than different well-liked cash like SPX6900, Turbo, and Memecoin.
Alternate listings increase Only a chill man
This rally was principally pushed by the Concern of Lacking out amongst merchants and centralized alternate listings. Binance Futures listed the token on Nov. 27, giving it publicity to tens of hundreds of thousands of its clients. It listed it with a 75x leverage.
Different prime exchanges that listed the coin have been Bitget, KuCoin, Woo, and BitMart. Traditionally, cryptocurrencies rally after being listed by main exchanges. This occurs as extra merchants purchase them amid the FOMO.
Information exhibits that the 24-hour buying and selling quantity was $338 million, with most of it coming from Bybit, Gate, OrangeX, and Raydium. As such, this quantity will seemingly improve sharply when the brand new exchanges are included.
Nonetheless, the CHILLGUY crypto faces some potential dangers. First, the coin may replicate different just lately launched hype tokens like Peanut the Squirrel and Act I The AI Prophecy, which went parabolic this month. The 2 have retreated sharply previously few days and underperformed most meme cash.
Second, Only a chill man’s creator has threatened to sue for using his creation for business functions. Nonetheless, it’s unclear whether or not the lawsuit would have a serious impression since it’s principally traded on worldwide exchanges.
CHILLGUY good cash traders are promoting
Third, there are indicators that good cash has began to e book earnings. Information by Nansen exhibits that the variety of good cash wallets has dropped from 94 final week to about 71 right now.
Transactions by good cash traders are a standard sign of what among the largest holders are doing. Extra information by Nansen exhibits that the variety of tokens in exchanges has jumped sharply previously few days. It had over 76.61 million tokens, up by 727% from every week earlier, an indication that some traders have began to exit their trades.
As with most newly new tokens, there’s a threat that it may pare again among the preliminary beneficial properties amid profit-taking. The long run value motion will seemingly rely on the efficiency of Bitcoin (BTC), Solana (SOL), and different cash.
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