Various memecoins with images inspired by the United States Securities and Exchange Commission (SEC)for its acronym in English) and its president, Gary Gensler, have experienced a sharp rise in price following regulator lawsuits against cryptocurrency exchanges Coinbase and Binance.
One of these tokens is Good Gensler (GENSLR), which is up more than 260% in the hours after a lawsuit filed against Coinbase by the regulator on June 6 for allegedly offering unregistered securities.
Good Gensler currently has a total market capitalization of about $3.2 million.. In the last 24 hours, the token has posted just over $1.25 million in trading volume. According to data From Etherscan, Good Gensler launched on April 19, about five days after the launch of the memecoin Pepe (PEPE).
Similarly, another Gensler-derived memecoin—with the name laden with profanity— Fuck Gary Gensler (FKGARY) also showed bullish momentum, rallying over 530% in the last 48 hoursaccording to data by DEXTools.
Gensler has not been the only target of memecoin enthusiasts. Another token with the ticker “SEC” — which stands for “Stupid Egotistical Cocksuckers” — experienced high volatility in the wake of recent actions by the regulator.. The SEC token was launched on June 5 and in the following 24 hours it was up a staggering 15,530%.
However, the revaluation was short-lived.. As of this writing, the SEC-themed memecoin has been collapsed more than 61% from its all-time high.
In May, memecoins grabbed the spotlight when some risk-hungry investors flocked to hyper-speculative tokens in search of exorbitant and quick profits. Unfortunately for most memecoin investors, the vast majority of tokens that were popular during the craze have plummeted.
At the time of this publication, the price of the frog-themed Pepe memecoin and the Turbo token (TURBO), created by artificial intelligenceare respectively down 73% and 95% from their all-time highsaccording to data from CoinGecko.
Because most lack underlying fundamentals, investments in memecoins are considered high risk.while many have faced extreme volatility and large price swings.
Many of the tokens mentioned in this article are small market caps and have low levels of liquidity in their respective liquidity pools, making them very prone to price swings.
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