In the world of cryptocurrencies, SEC Chair Gary Gensler has become a common enemy, unifying the crypto community in their disdain for his regulatory approach. Adding insult to injury, a memecoin called Good Gensler (GENSLR) has emerged, outperforming the entire crypto market and capitalizing on the animosity toward its namesake.
Over the past month, Good Gensler has more than doubled in value, while the crypto market as a whole has experienced losses exceeding $100 billion. This downward trend was fueled by the SEC’s legal actions against major players like Binance and Coinbase, causing Bitcoin and Ethereum to drop by 5% and 9%, respectively. Furthermore, the 18 tokens labeled as “crypto securities” in the SEC’s lawsuits suffered significant losses ranging from 11% to 41%.
This situation has led crypto enthusiasts to compare Gensler to the villains of ’80s movies, a clueless antagonist determined to destroy the crypto industry by clinging to outdated regulatory measures like the Howey test. In response, Good Gensler, an ERC-20 token launched in April, emerged as a symbol of resistance.
Good Gensler’s concept revolves around a parallel universe where a virtuous Gary Gensler fights against his evil Earth-born doppelgänger. It exists mainly for amusement and fosters a sense of camaraderie among anonymous internet users who hold the token together. The project features Gensler superhero memes, a Telegram group, and a manifesto promoting a positive outlook on cryptocurrencies.
However, it is important to note that memecoins gain their reputation for extreme volatility, as their value often relies on the community’s interest and sentiment. Previous memecoins like Pepe have experienced similar hype followed by a decline in both market reaction and price.
While Good Gensler has rallied in the past month, it experienced a peak in May before plummeting by 72%. Currently, the token trades on platforms such as Poloniex, LBank, and the decentralized exchange Uniswap. It boasts approximately 4,400 holders, significantly fewer than Pepe’s 120,000. The token’s smart contract seems to be devoid of malicious functions and has been renounced by the owner. However, it is advisable for users to exercise caution and conduct their own research.
The largest holder of GENSLR possesses 5% of the total supply. But the circulating supply remains unverified by CoinGecko and CoinMarketCap.
According to the project’s website, 5% of the allocation is reserved for Good Gary’s discretion, while another 5% is set aside for potential exchange listings. A user named Lawyered. eth, describing themselves as business lawyer and transactional freedom enthusiast. He wrote a mission statement for Good Gensler. The statement emphasizes the goal of turning Gary Gensler into a meme. It creatively expresses the need for a more crypto-friendly regulatory framework. Lawyered. eth’s involvement in the project is minimal, merely being a supporter with a small holding of GENSLR.
Ultimately, Good Gensler represents a combination of sarcasm, innovation, and meme-driven prosperity. While it has gained attention and value, its future remains uncertain, given the volatile nature of memecoins. Nonetheless, it serves as a rallying point for a community passionate about cryptocurrency’s potential. To revolutionize finance, technology, and society, as they express their dissatisfaction with current regulatory policies.