After the United States Securities Exchange Commission (SEC) legal action against leading cryptocurrency exchanges Coinbase and Binance, a surge in meme coin prices inspired by the SEC and its chairman, Gary Gensler, has been observed. In particular, two altcoins named Good Gensler (GENSLR) and F**k Gary Gensler (FKGARY) experienced significant price increases of over 260 percent and 530 percent, respectively, in a short period of time. Here are the details…
Two altcoins take a leap
Good Gensler (GENSLR), which currently has a market cap of around $3.2 million, has witnessed a trading volume of just over $1.25 million in the last 24 hours. The token launched on April 19, a few days after another meme coin called Pepe (PEPE) hit the market. Similarly, F**k Gary Gensler (FKGARY) has seen a price increase of over 530 percent in the last 48 hours, according to data from DEXTools.
Another meme coin that has gained attention in response to recent regulatory actions is the token with the ticker symbol “SEC”, which stands for “Stupid Egotistical C****kers”. Launched on June 5, the SEC token rose by a staggering 15,530 percent in 24 hours. However, the token’s value has since dropped more than 61 percent from its all-time high.
While Memecoins have previously attracted the attention of risk-taking investors looking for quick returns, many of these tokens have experienced significant price drops. According to CoinGecko data, the frog-themed memecoin Pepe and the artificial intelligence-generated token Turbo (TURBO) saw their prices drop by 73 percent and 95 percent, respectively, from their all-time highs.
Other coins in the market are also increasing
Despite regulatory challenges faced by Binance and Coinbase, the broader cryptocurrency markets have shown resilience. Major tokens such as Bitcoin (BTC), Dogecoin (DOGE), Litecoin (LTC), XRP and Shiba Inu (SHIB) have experienced gains of up to 5 percent over the past 24 hours. Total crypto market capitalization also increased by 3.3 percent to $1.12 trillion.
Traders seem to be spared the long-term effects of regulatory issues faced by major US exchanges, even though some tokens have been labeled as securities. The SEC’s lack of regulatory clarity regarding the classification of crypto tokens as securities has left token issuers lacking clear prescriptive definitions. BNB Coin (BNB), Solana (SOL), Cardano (ADA) and Polygon (MATIC), which are also mentioned in numerous documents alleging securities breaches, suffered losses but ultimately traded at a 3 percent discount compared to the previous day.
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