Meme coins inspired by the Securities Exchange Commission (SEC) and its chair Gary Gensler have gained significant momentum, beating Dogecoin DOGE/USD, Shiba Inu SHIB/USD, and Pepe coin PEPE/USD in gains over the last 24 hours.
What Happened: Following the SEC’s recent lawsuits against crypto exchanges Coinbase Inc COIN and Binance, a number of meme coins saw a sharp increase in price.
One such token is Good Gensler (GENSLR), which surged by over 100% in the last 24 hours after the regulator’s complaint against Coinbase for offering unregistered securities on June 7.
Good Gensler currently boasts a total market capitalization of around $3.2 million, with a trading volume of just over $1.25 million in the past 24 hours.
DOGE, SHIB, FLOKI were up 4.8%, 2% and 16% respectively in the last 24 hours.
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Why It Matters: The frenzy around Gensler didn't stop there. Another token featuring the ticker symbol "SEC" experienced major volatility in the wake of the regulator’s recent actions. Launched on June 5, SEC token rallied a staggering 450% in the last 24 hours.
It’s worth noting that investing in these coins can be risky, as their large price fluctuations and relatively low liquidity can make them highly unstable assets.
Read Next: Bitcoin Regains $27K, Ethereum, Dogecoin Soar Despite SEC Lawsuits Against Binance, Coinbase: Analyst Foresees $42K Move For Apex Crypto
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