Move over Pepe, these Gary Gensler memecoins have been pumping
Last month, memecoins saw a surge in popularity that Coinbase claimed had reached “a fever pitch not seen since the height of the bull market in 2021.” Among the biggest gainers was controversial frog-based token PEPE, which, according to Coinbase’s newsletter, became the fastest Ethereum token to reach a $1 billion market cap.
However, despite its meteoric rise, the token soon crashed by more than 50% and today boasts a market cap of just over $445 million.
But, as is common in the memecoin world, it hasn’t taken long for a new fad to fill the vacuum left by the reeling PEPE. Following the launch of the Securities and Exchange Commission’s (SEC) lawsuits against Binance and Coinbase, tokens making light of the commission and its chairman, Gary Gensler, are rallying.
Good Gensler
Good Gensler (GENSLR) has a total market capitalization of around $3.2 million and a 24-hour trading volume of $1.25 million. The coin features the outspoken SEC chairman donning laser eyes and has rallied 260% following the regulator’s recent lawsuit against Coinbase.
F*ck Gary Gensler
F*ck Gary Gensler (FKGARY) is one of the edgier Gensler memecoins. This token also rallied an obscene amount, jumping 130% in 48 hours. It currently has a 24-hour trading volume of $120,870 and a market cap of $492,140.
Stupid Egotistical C*cksuckers, SEC
This anti-SEC token launched on June 5 and within 24 hours had rallied a staggering 15,530%.
Read more: Coinbase trader makes $25M on options bets day before SEC suit
This coin has a 24-hour trading volume of almost $3 million and a total market cap of $422,410. However, it’s since dropped by over 61% from its 0.0000001748 all-time high.
4Token
It’s not just SEC and Gensler memecoins cashing in on the latest wave of hype. For fans of Binance, there’s 4Token. This coin is based on Binance chief Changpeng Zhao (CZ) and his like-clockwork tweeting of the number four in response to negative news. It references a ‘do’s and don’ts’ list CZ posted wherein the fourth point reads “Ignore FUD, fake news, attacks, etc.”
The token rallied 24% on June 5, following the SEC’s allegations of misrepresented trading controls and oversight of Binance US against the exchange. The hype quickly cooled and since its peak in May, 4Token has dropped by over 84%.
These memecoins may be up at press time, but it remains to be seen how they’ll fare as Binance and Coinbase’s lawsuits unfold. Meanwhile, PEPE is clawing back — the coin is up 16% in the past 24 hours.
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