SEC, Gensler-themed memecoins surge amid Binance and Coinbase lawsuits

The prices of several memecoins depicting the United States Securities Exchange Commission and its chair, Gary Gensler, have seen a dramatic rise after the regulator initiated legal action against crypto exchanges Coinbase and Binance.

Good Gensler (GENSLR) is one such token that saw a rally of more than 260% in the hours following the regulator’s complaint against Coinbase on June 6th, accusing it of offering unregistered securities.

Good Gensler currently has a market capitalization of approximately $3.2 million. In the past 24 hours, the token has had a trading volume of greater than $1.25 million. Data from Etherscan indicates that Good Gensler was issued on April 19, five days after the release of the other memecoin Pepe (PEPE).

Similarly, another meme-based cryptocurrency with the profane moniker of Fuck Gary Gensler (FKGARY) also experienced some positive movement, gaining more than 530% over the last two days, according to information from decentralized exchange (DEX) screener DEXTools.

Gensler wasn’t the only focus of memecoin aficionados. Another token, with the symbol “SEC” (which stands for “Stupid Egotistical Cocksuckers”), saw considerable fluctuations in price in the aftermath of the regulator’s recent decisions. The SEC token was launched on June 5th and within the following 24 hours, shot up an incredible 15,530%.

However, the increase in value was short-lived. As of now, the SEC-related memecoin has dropped more than 61% from its peak.

The SEC’s crackdown on Binance and Coinbase has caused DeFi trading volumes to surge by 444%.

In May, memecoins gained attention as risk-inclined traders rushed into highly-speculative tokens, desperately seeking quick, extraordinary profits. Unfortunately for most memecoin investors, the majority of tokens that were popular during the craze have now dropped in value significantly.

At the time of writing, CoinGecko data reveals that the prices of frog-themed memecoin Pepe and the artificial intelligence-created token Turbo (TURBO) have both dropped by 73% and 95% respectively from their all-time highs.

Given the absence of strong fundamentals, investing in memecoins is considered a high-risk venture due to the drastic fluctuations in price that many have experienced.

Many of the tokens discussed in this article have small market capitalizations and low liquidity in their respective pools, making them highly susceptible to price fluctuations.

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