The meme coin Chill Guy ($CHILLGUY), based on a popular internet character, has seen a massive surge since its launch

Chill Guy, the meme coin named after a popular internet character, has seen a remarkable surge since its launch on Nov. 15, according to reports. The coin's market cap has shot up from $10 million to $500 million, with a 24-hour increase of 60%, although it has since pulled back to about $440 million.

The coin's rise has been largely credited to the viral success of its mascot, an anthropomorphic dog in casual attire, which has resonated heavily with Gen Z on platforms like TikTok.

In the last 24 hours, Chill Guy outperformed major meme coins like Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB), becoming a hot topic in the crypto market. The coin's rapid rise has also led to substantial profits for early investors, with one trader reportedly turning a $1,000 investment into over $1 million.

This impressive feat highlights the potential for significant gains in the meme coin market, although experts caution that such investments carry substantial risks.

Meme coins, typically based on popular internet memes or characters, have experienced a surge in popularity in recent months, with coins like Floki (CRYPTO: FLOKI) and Peanut the Squirrel (CRYPTO: PNUT) experiencing explosive market growth.

However, despite their entertainment value and potential for profit, meme coins are known for their high volatility, which comes with the risk of sharp losses.

As of now, Chill Guy's market cap stands at around $440 million, still a major topic of conversation in the meme coin space. The ongoing legal dispute between Banks and those using the character for commercial purposes will likely play a key role in the coin's future.