PEPE Coin 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.

PEPE, one of the hottest meme coins surged more than 14% in the past 24 hours amid the broader market slump.

Not only PEPE, a number of memcoins 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.

PEPE currently sports a total market cap of $456 million while Good Gensler has around $3.2 million. 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 memecoin Pepe (PEPE) was launched.

Even though data shows that PEPE was on a sharp downward trajectory even before the regulator’s lawsuit against the crypto exchanges, it’s important to keep in mind that PEPE 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.

Pepe 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, Pepe (PEPE) was trading at $0.0…01157, which is up by over 14% with a volume of $290 million in the last 24 hours.

Also Read: Crypto Firm Integrates ChatGPT To Enhance Risk Detection, How AI Can Help Prevent Fraud?

AD

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.