The rise of memecoins is gaining momentum, particularly through the popular video-sharing platform TikTok, which has increasingly become a hub for promoting these cryptocurrencies.
A prime example is the CHILLGUY token, linked to a widely shared meme featuring a cartoon dog, which was launched on the Solana-based platform Pump.Fun just two months ago.
As of now, CHILLGUY boasts a market capitalization of $374 million, experiencing a staggering price increase of 251% in just 24 hours and an incredible 482,270% over the past week, despite a liquidity level of only $4.7 million.
The token’s swift rise correlates with its meme’s virality across multiple social media platforms, especially TikTok.
Videos on TikTok, which has over a billion monthly active users, are playing a crucial role in this phenomenon.
One popular post humorously captures the essence of the CHILLGUY token’s appeal, while another tweet about the meme garnered 1.5 million impressions.
Experts note that TikTok’s youthful demographic, primarily Gen Z, is driving this trend. Suki Yang, founder of the memecoin platform LMAO, remarked that while platforms like Twitter cater to established crypto investors, TikTok attracts more casual users who can make coins go viral.
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Nicolai Søndergaard from the blockchain analytics firm Nansen emphasized that Gen Z’s skepticism towards traditional financial systems and preference for immediate results are shaping their engagement with cryptocurrencies.
Overall, TikTok appears to be becoming a key player in the creation and promotion of memecoins, influencing both the culture around them and the financial landscape of the cryptocurrency market.
