SEC, Gensler-themed memecoins surge amid Binance and Coinbase lawsuits
A number of memecoins drawing their likeness from the United States Securities Exchange Commission (SEC) and its chair Gary Gensler have seen a sharp spike in price following the regulator's lawsuits against crypto exchanges Coinbase and Binance.
One such token is Good Gensler (GENSLR) which rallied more than 260% in the hours following the regulator's complaint against Coinbase for offering unregistered securities on June 6.
Good Gensler currently sports a total market capitalization of around $3.2 million. In the last 24 hours, the token has just over $1.25 million in trading volume. According to Etherscan data, Good Gensler was launched on April 19, some five days after the launch of fellow memecoin Pepe (PEPE).
Similarly, another Gensler-derived memecoin with the profanity-laden name Fuck Gary Gensler (FKGARY) also witnessed some upward momentum, rallying more than 530% in the last 48 hours according to data from decentralized exchange (DEX) screener DEXTools.
Gensler wasn’t the only target for memecoin enthusiasts. Another token featuring the ticker “SEC” — standing for “Stupid Egotistical Cocksuckers” — experienced some major volatility in the wake of the regulator's recent actions. The SEC token was launched on June 5 and in the following 24 hours rallied a staggering 15,530%.
However, the upswing in value was short-lived. At the time of writing the SEC-themed memecoin has plunged more than 61% from its all-time high.
Related: SEC crackdown on Binance and Coinbase surge DeFi trading volumes 444%
In May, memecoins stole the spotlight as risk-hungry traders frenzied into hyper-speculative tokens, desperately hunting for rapid, outsized gains. Unfortunately for most memecoin investors, the vast majority of tokens
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