Memecoins inspired by the United States Securities Exchange Commission (SEC) and its chairman, Gary Gensler, are seeing a significant increase in value following lawsuits against the exchanges, Binance and Coinbase. Tokens such as Good Gensler (GENSLR) and Fuck Gary Gensler (FKGARY) have seen a surge in price, attracting the attention of investors hungry for quick gains.
The Memecoin Boom Inspired by the SEC and Gensler
The season of Memecoins still seems far from taking its revenge. Every crypto meme seems to have its moment to shine in the market. If Pepecoin was in the center of attention a few weeks ago, it has since given way to new players, the latest of which is Good Gensler (GENSLR).
With the announcement of SEC lawsuits against Binance and Coinbase, Memecoins inspired by Gary Gensler and the SEC are growing in popularity. Good Gensler (GENSLR), which launched on April 19, saw an impressive surge of more than 260% just hours after the lawsuits were announced against Coinbase for allegedly offering unregistered securities.
With a market capitalization of around $3.2 million and trading volume exceeding $1.25 million in the past 24 hours, Good Gensler has caught the eye of investors hungry for quick gains.
Another Gary Gensler-derived Memecoin, Fuck Gary Gensler (FKGARY), has also seen a dramatic rise of over 530% in the past 48 hours, according to data from DEXTools, a decentralized exchange (DEX) filter.
But that’s not all. The Memecoin SEC, whose ticker stands for “Stupid Egotistical Cocksuckers,” has also seen significant volatility in reaction to recent SEC actions. Launched on June 5, this token saw an impressive gain of 15,530% in the first 24 hours. However, since then it has suffered a decline of more than 61% from its all-time high.
Caution remains in order
Faced with pressure from the SEC, which is currently making headlines, Memecoin followers have found an entertaining way to have fun: creating memes inspired by the regulatory agency and its president, Gary Gensler.
But beware, the buzz around these types of cryptos often doesn’t last long. These Memecoins, while a source of entertainment, are considered high-risk investments due to the lack of strong fundamentals.
Tokens hot during the May craze, such as PEPE and Turbo (TURBO), saw steep declines from their all-time highs, dropping 73% and 95% respectively.
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