Following the lawsuits filed against Binance and Coinbase by the SEC, meme-coins inspired by Gary Gensler and the regulatory body have experienced a notable surge in value. The meme-coins draw their likeness from the United States Securities Exchange Commission (SEC) and its chair Gary Gensler.
The SEC lodged a complaint against Coinbase for allegedly offering unregistered securities on June 6. Subsequently, Good Gensler (GENSLR), a token associated with Gary Gensler, saw a remarkable surge of over 260% within hours.
With a market capitalization of approximately $3.2 million, Good Gensler has garnered a trading volume of slightly over $1.25 million in the past 24 hours. The token was introduced on April 19, which was five days after the launch of another meme-coin called Pepe (PEPE), as per data from Etherscan.
In the past 48 hours, F#*k Gary Gensler (FKGARY), another meme-coin inspired by Gary Gensler, experienced a significant surge of over 530%, as reported by DEXTools, a decentralized exchange (DEX) screener.
Apart from Gensler, meme-coin enthusiasts earmarked another token symbolized by “SEC” which humorously stands for “Stupid Egotistical C*#k-s@$kers”. The token witnessed remarkable volatility, surging an astonishing 15,530% within the subsequent 24 hours following the regulator’s recent actions.
Nevertheless, the surge in value was short-lived, as the SEC-themed meme-coin has currently experienced a steep decline of over 61% from its peak, as of the time of writing. Given the absence of substantial underlying fundamentals, investments in meme-coins are perceived as high-risk ventures, as numerous instances have demonstrated significant price volatility and drastic fluctuations.