The Securities and Exchange Commission’s (SEC) lawsuit against Coinbase and Binance and its CEO, Mr. Changpeng Zhao (CZ), has had a huge impact on the wider crypto market.
The hottest meme coin Pepe coin, one of the coin, has gained more than 14% in the last 24 hours amid the general decline in the market.
Not only Pepe coin, but a number of meme coins have seen a sharp rise in price following lawsuits against crypto exchanges.
Good Gensler (GENSLR) rose more than 260% in the hours following the regulator’s complaint against crypto exchange Coinbase for allegedly offering unregistered securities.
Pepe coin currently has a total market cap of $456 million, while Good Gensler has around $3.2 million. The market cap and price of Pepe coin, or PEPE, have increased by over 15%, while its volume has increased by over 50% in the last 24 hours. Good Gensler, on the other hand, has a trading volume of just over $1.25 million according to data.
Judging by the reports, Good Gensler, pepe coin(PEPE) was released on April 19, about five days after its release.
While the data shows that Pepe coin has been on a sharp downward trend even before the regulator’s lawsuit against crypto exchanges, Pepe coin is a meme-inspired cryptocurrency that is inherently much riskier than other crypto assets as it capitalizes on social media hype and relies on internet cultural references. It’s important to keep in mind that it’s a unit.
Pepe coin price rose steadily in late April. It continued to explode on May 5, when Binance announced the listing of the meme coin. However, it has been observed that the meme coin has experienced a significant drop of over 60% from its peak, with 15% of the drop occurring in the past week.
Similarly, another Gensler-derived meme coin called FKGARY has seen some upside momentum. According to data from decentralized exchange (DEX) browser DEXTools, the meme coin has surged over 530% in the past 48 hours.
