SEC Chair Gary Gensler has garnered significant attention from the cryptocurrency community, mainly due to negative sentiment surrounding his actions. As a result, a memecoin inspired by crypto’s number-one villain, Good Gensler (GENSLR), has more than doubled in value over the past month, outperforming practically the entire crypto market. This surge occurred while over $100 billion had been wiped from crypto’s total market value due to the SEC’s lawsuits against Binance and Coinbase.
Bitcoin (BTC) and ether (ETH) have slipped by 5% and 9% respectively, and the 18 tokens labeled as “crypto securities” in the SEC’s recent lawsuits have collapsed between 11% and 41%. This performance has led crypto diehards to view Gensler as an obstacle to their preferred industry. Enter Good Gensler, an ERC-20 token launched in April, driven by a compelling story of the well-meaning protagonist fighting his “bad” doppelgänger.
While the concept of GENSLR is steeped in meme culture and driven by a sense of camaraderie, its real-world performance cannot be ignored. The token has indeed rallied over the past month; however, it remains highly volatile, with its peak of $0.000000036949 in May followed by a 72% drop. GENSLR’s total supply is a memey 420 trillion, with trading available on Poloniex, LBank, and decentralized exchange Uniswap.
It’s crucial to stress that memecoins are notoriously volatile, often tracking the attention span of their associated communities. As such, interested investors should exercise caution and conduct their own research. Good Gensler currently holds around 5% of the total GENSLR supply, with another 5% reserved for potential exchange listings. However, no specific promises are made in this regard.
Ultimately, the story of Good Gensler reflects the desire for a more crypto-friendly policy framework. While the token’s performance has raised eyebrows, it highlights the broader demand for advocacy and positive change in an ever-evolving regulatory landscape.
Source: Blockworks
