Following the lawsuit against Binance, the price of memecoin, with a ticker "SEC," skyrocketed by over 15,000%.
The cryptocurrency world is witnessing a swift upswing in prices for memecoins that mock the US Securities and Exchange Commission (SEC) and its Chair, Gary Gensler.
The significant surge in prices comes in the wake of the regulator's legal actions against crypto exchanges Coinbase and Binance.
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The token that has shown considerable movement is the Good Gensler (GENSLR), which has soared over 260% following the regulator's lawsuit against Coinbase for allegedly selling unregistered securities.
The total market cap of Good Gensler currently stands at roughly $3 million, with a trading volume of around $2 million in the past 24 hours. Based on the Etherscan data, Good Gensler was launched on April 19th, a few days after the launch of the famous memecoin Pepe (PEPE).
Meanwhile, another Gensler-inspired memecoin, named F*ck Gary Gensler (FKGARY), also saw substantial growth, surging more than 530% in the past 48 hours after the lawsuit submission. However, currently, the price has decreased by over 50%.
The SEC itself wasn't exempt from the memecoin phenomenon. A token bearing the ticker "SEC" experienced significant volatility following the regulatory body's latest moves. Launched on June 5th, the SEC token recorded a stunning 15,530% rally in the following 24 hours.
Despite the short-lived spike in value, the SEC-themed memecoin saw a decline, dropping more than 61% from its peak.
The month of May saw a memecoin frenzy. However, the reality has been harsh for many memecoin investors, with the majority of these tokens seeing a drastic fall in price post the madness.
As of the time of reporting, the frog-themed memecoin Pepe and AI-generated token Turbo (TURBO) have seen a decline of 73% and 95% from their record highs, respectively.
Lacking underlying fundamentals, memecoin investments are viewed as a high-risk endeavor known for their extreme price volatility. Most of the tokens mentioned in this article have small market caps and low liquidity, making them highly susceptible to price fluctuations.
