Will SEC Crackdown Restart Memecoin Craze? Pepecoin Price Surges Over 15%
The Securities and Exchange Commission’s (SEC) lawsuit against Coinbase and Binance and its CEO, Mr. Changpeng Zhao (CZ) has made a massive impact in the wider crypto market.
Pepecoin, one of the hottest meme coins surged more than 14% in the past 24 hours amid the broader market slump.
Not only Pepecoin, a number of memecoins have seen a sharp spike in price following the lawsuits against the crypto exchanges.
Good Gensler (GENSLR) rallied more than 260% in the hours following the regulator’s complaint against crypto exchange Coinbase for allegedly offering unregistered securities.
Pepecoin currently sports a total market cap of $456 million while Good Gensler has around $3.2 million. Pepecoin or PEPE’s market cap and its price surged over 15% while its volume spiked over 50% in the last 24 hours. On the other hand Good Gensler has just over $1.25 million in trading volume as per data.
If reports are to be believed, Good Gensler was launched on April 19, some five days after Pepecoin (PEPE) was launched.
Even though data shows that Pepecoin was on a sharp downward trajectory even before the regulator’s lawsuit against the crypto exchanges, it’s important to keep in mind that Pepecoin is a meme-inspired cryptocurrency, which is inherently much riskier than other crypto assets as it capitalizes on social media hype and is based on internet cultural references.
Pepecoin price rose steadily in late April and went on to explode on May 5, when Binance announced listing of the meme coin. However, it has been observed that the meme coin is experiencing a significant decline of more than 60% from its peak, with 15% of the slump occurring in the past week.
Similarly, another Gensler-derived memecoin named Fu*k Gary Gensler (FKGARY) also saw some upward momentum. The meme coin rallied over 530% in the last 48 hours, as per data from decentralized exchange (DEX) screener DEXTools. But will the SEC crackdown start a memecoin craze? Well, it’s hard to tell.
At the time of publishing, Pepecoin was trading at $0.0…01157, which is up by over 14% with a volume of $290 million in the last 24 hours.
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