A new meme cryptocurrency, dubbed “GENSLER,” has skyrocketed in popularity following Securities and Exchange Commission (SEC) lawsuits against Binance and Coinbase. The coin, which is based on a photo of SEC Chairman Gary Gensler, has seen its price increase by more than 1000% in the past week.
The coin's creator, who uses the pseudonym "CryptoKitty," says he created the coin as a way to "troll" the SEC and "show the world that the cryptocurrency community is not afraid of regulation." He also says that he hopes the coin will raise awareness about the SEC crackdown on the cryptocurrency industry.
The popularity of the coin caught the attention of the SEC, with Gensler himself tweeting about the coin on Tuesday. In his tweet, Gensler warned investors about the risks of investing in meme coins, saying they are "highly volatile" and "there is no guarantee they will be worth anything in the future."
Despite Gensler's warning, GENSLER continues to trade at high prices At the time of writing, the coin is trading at around $0.00001042 per coin Whether the coin will be able to maintain its current price remains to be seen, but its popularity is a sign of growing tension between the cryptocurrency industry and regulators.
Here are some of the reactions to the GENSLER coin on social media:
"This is very funny."
"The SEC really is being fooled by a meme coin."
"This is a sign of the times."
"The cryptocurrency community is not afraid of regulation."
The GENSLER coin is a reminder of the growing tension between the cryptocurrency industry and regulators. How the SEC's actions will affect the future of the industry remains to be seen.
Image meme taken from the meme token website
This is not investment advice please do your own research and stay SAFU
