Jun 7, 2023 at 06:37Good Gensler (GENSLR) and SEC tokens are gaining momentum. Thus, in the last 24 hours, each of them increased by more than 100%. The reason, which is not unexpected, was the excitement related to the lawsuits of the U.S. Securities and Exchange Commission against Binance and Coinbase. Whether the reign of these tokens will last long or if it is a temporary bounce until the market comes to its senses, we will discuss further below.
The SEC is already in
Looking at the top gainers over the past few days, there is a sense that the altseason, the main drivers of which were meme coins, is not over yet. Most of the list of cryptocurrencies by market capitalization in terms of growth in one way or another belongs to this type of digital asset.
For the most part, however, their fame is short-lived, and most, after a sharp flash and X’s over 10 times, usually disappear quickly as well. Rarely does anyone succeed as well as, for example, Pepe, which is the only one among meme coins in a long time to break into the top 100.
By their nature, meme coins are agenda tokens, meaning that their rise and fall depend on the topic to which they relate. Thus, a number of digital assets created as a reflection of regulators have received a corresponding acceleration. There are at least three of them right now:
The irony is that these tokens rise when their real representatives oppose the industry and, conversely, fall when the market is out of the regulators’ sights. Let’s take a closer look at each one.
The brand new newsletter with insights, market analysis and daily opportunities.
Let’s grow together!
Good Gensler (GENSLR)
The name speaks for itself. The token was launched in honor of the current SEC chairman, Gary Gensler. However, the asset is not a copy of the actual representative of the regulatorbut a copy of him, which is designed “to defeat his evil earthborn doppelganger.”
The token was launched on April 21, after the so-called memecoin day in the cryptocurrency world, which is commonly celebrated on April 20. Judging by the chart on CoinMarketCap, the asset experienced two boosts: immediately after the launch and in early May. The reasons for this surge were most likely memecoin activity in the market, specifically Pepe.
After that, the token considerably fell in price from an all-time high of $0.00000003749 to $0.0000002874, i.e., by more than 1000%. Now the asset is probably passing its third bull run, which is independent of other meme coins and caused by news about SEC actions.
So, since June 5, Good Gensler has risen from $0.0000002874 to $0.00000001059, which is more than 260%, and continues to grow. If such activity keeps going on, the token might update its historical maximum.
GARY
No, it’s not about a Spongebob pet named Gary; it’s about the same head of the SEC. According to the official description, the token was created to “mock Gary Gensler as an open expression of free speech and political activism.” The creators of the token say they are tired of a government employee with a salary of $300K a year and a fortune of $120 million who is currently “tearing up the lives of retail investors on a daily basis.”
“Dear Garry Gensler, in the name of all crypto investors and all retail investors, we politely ask you to F**K OFF! You are a Gaslighting Abhorrent Redacted Yeet. It’s time for you to resign from your position and save the public from that clown face FOR GOOD…,” they claim.
The token came out less than a day ago but is quickly gaining momentum, given the wave of hype around the SEC representative. Thus, the growth since the launch is 81,04% to $0.0000002275.
At the same time, the token was listed only on Uniswap, where the trading volume during that time almost reached $1.3M. That’s not saying anything, given that there’s a possibility that once purchased, this token will be impossible to sell. This could be just the kind of asset that falls as fast as it rises at the start.
At the same time, there are tokens that are even less lucky at the start. Such can be said about the meme coin F**k Gary Gensler (FKGARY). The coin also came out after the news of the lawsuit against Binance, but since then, unlike the previous two, it has not shown any growth at all.
At the time of writing and since its launch, FKGARY has fallen to $0.000000001272, which is 44,65% of its initial value. One could relate this to the oversaturation of such assets. Probably, uniqueness gives an advantage, but if tokens are stamped in a row, they become less interesting.
SEC
Another token in the same series that has boomed the cryptocurrency market in the last 24 hours is the SEC. According to an official statement, the creators are tired of the regulator destroying the world of digital assets by attacking anything decentralized and advising them to invest in “safe” licensed institutions.
The token has successfully entered the market, showing a 579,79% increase since launch and capturing an all-time high of $0.0000001663. At the same time, the trading volume of the asset exceeded $2.5M during the last 24 hours. And these are the results from only one exchange (Uniswap), which is the only one the SEC is allowed to trade on.
But at the moment of writing this article, SEC is trading at $0.00000005499, i.e., down 200%, and it’s still falling. If it continues like that, FKGARY’s fate awaits the token. Here again, the extreme risk associated with the high volatility of such tokens is clearly visible.
Conclusion
Judging by the pricing charts of the digital assets described above, one can assume that their dominance will not last long, at least in the current bull run. There are several reasons for this.
First, no matter how you look at it, these are meme coins, which, especially after the start of the altseason have become hundreds of times more numerous. Their rapid and active creation is not over yet, and some representatives of this kind of cryptocurrency are quickly replacing others.
Second, apparently, the cryptocurrency market has learned to adapt to such situations and quickly smooths out the excitement of the crowd. So, if yesterday Bitcoin fell below $26K for the first time in two months, today it has already recovered and is trading at $26.7K.
Third, the hype surrounding the SEC lawsuit may end as quickly as it began. And, given that the tokens described above are directly dependent on this news, once the situation is resolved, everyone may forget about them. And that will cause them to fall. That is, in the long run, these assets probably have no value.
Meanwhile, as of this writing, Binance and Coinbase are being ordered to pay all “illegally obtained proceeds.” In addition, the lawsuit has also affected the heads of both exchanges.
- In the past two days, Binance CEO Changpeng Zhao has lost $1.4B of his total wealth of $27.4B.
- During the same time, the head of Coinbase, Brian Armstrong, became poorer by $361M. Earlier, his capital was valued at $2.5B.
How long do you think the SEC’s battle with the exchanges will continue? If this is just the beginning, who in the industry will suffer next? Share your guesses in the comments.
9
