After the U.S. Securities and Exchange Commission (SEC) and its Chairman, Gary Gensler, took legal action against major cryptocurrency exchanges Coinbase and Binance, various themed memecoins experienced significant rises.
The Remarkable Rise of SEC and President Gensler-Themed Memecoins
One such memecoin, Good Gensler (GENSLR), surged by over 260% in the hours following the news that the U.S. regulator had filed a lawsuit against cryptocurrency exchange Coinbase for alleged unauthorized securities sale on June 6th. Over the last 24 hours, GENSLR reached a trading volume just over $1.25 million and currently has a market value of approximately $3.2 million. According to Etherscan data, Good Gensler was launched on April 19, about five days after the launch of the popular memecoin Pepe (PEPE).
Similarly, another memecoin named Fuck Gary Gensler (FKGARY), launched with an intent to target Gensler, displayed a strong momentum, rising over 530% in the last 48 hours, according to data from the decentralized exchange (DEX) data provider DEXTools.
Memecoin Hype
Chairman Gensler was not the only target for memecoin enthusiasts. Another altcoin featuring the acronym “SEC,” which stands for “Stupid Egotistical Cocksuckers,” also displayed severe volatility following the U.S. regulator’s recent actions. Launched on June 5, the SEC token rose by a surprising rate of 15,530% within the following 24 hours. However, this surge was short-lived. The SEC-themed memecoin has fallen over 61% from its all-time high (ATH) at the time of writing.
Memecoins grabbed attention in May when risk-seeking investors frantically flocked to hyper-speculative altcoins in desperate pursuit of quick and significant gains. Unfortunately, the prices of the majority of these popular memecoins have plummeted during this hype. Data from the crypto data platform CoinMarketCap reveals that frog-themed memecoin PEPE and AI-created Turbo (TURBO) have fallen by 73% and 95% from their ATHs, respectively.
As most memecoins lack a fundamental basis, the majority of investments in this area are considered a high-risk venture.
