Key Takeaways:
- Meme token mocking SEC chairman Gary Gensler launched on April 20.
- The Gensler meme coin price plummeted after charting a new ATH on April 24.
NEW DELHI (CoinChapter.com) — Crypto lovers decided to answer SEC chairman Gary Gensler’s anti-crypto stance by launching a meme token in his name. The Good Gary memecoin, or the GENSLER token, launched on April 20.
Meme tokens took center over the past week, with several new tokens like WOJAK, PEPE, etc., attracting huge interest from investors. Several traders reaped profits from these meme coins ‘flash-in-the-pan‘ rallies.
One trader’s $250 investment in PEPE tokens rocketed to $1.77 million, but the profits would likely remain unrealized due to liquidity issues.
Meanwhile, the GENSLR coin price rocketed 3,030% from its launch price to form an all-time high near $0.00000002958. However, profit booking resulted in the GENSLER coin price dropping 53% from its ATH to reach a low of $0.00000001174 on April 24.
What Is Gensler Coin?
The Good Gensler coin is an ERC 20 token that gets its name from SEC chief Gary Gensler. The token’s developers claim the meme token is not a shitcoin. Instead, the team wrote in a blog post that the GENSLR token has become the “voice” of the crypto community.
Given the recent fall in Gary Gensler’s popularity, creating the Good Gensler token might be the crypto community’s reply to the SEC chief’s anti-crypto policies.
The token’s tokenomics are very vague, with the firm stating that 90% of the token’s supply would be kept aside to ensure liquidity. Moreover, 5% of the supply would go to CEX listings, and the remaining would go towards “whatever good Gary wants.“
The token’s roadmap sounds more fiction than reality, with a “strategic partnership with the United Federation of Planets” scheduled for Q3 2023. However, the team stated that the roadmap was “a lighthearted, tongue-in-cheek plan.”
The Good Gensler coin team stated that the token would not follow “any guarantees, promises, or timetables.“
