The United States Securities and Exchange Commission (SEC) Chairman Gary Gensler has become the crypto community’s number one villain as his battle against cryptocurrencies intensifies. This has resulted in a number of memecoins created as a joke on him and the SEC.
One example is Good Gensler, listed under crypto token $GENSLR, directly inspired by Chair Gensler. Launched in April, the ERC-20 token has been on the rise, more than doubling over the past month to outperform the entire crypto market.
Until this week’s big rally, the crypto market shed more than $250 billion, with the key contributing factor being the SEC’s lawsuit against leading exchanges, Binance and Coinbase. That two month rut has also seen Bitcoin (COIN: $BTC) and Ethereum (COIN: $ETH) slip by 17% and 26%, respectively. Cryptos such as Solana (COIN: $SOL) and Polygon (COIN: $MATIC) that have been labeled crypto securities have been hit harder, with most plummeting between 44% and 51%, before this week’s recovery.
Enter Good Gensler—a good man from a parallel universe, who is set out to defeat his evil earthborn doppelgänger, according to the GENSLR’s portal page: https://www.goodgg.vip/
Good Gensler vs Bad Gensler
“Good Gary (TOKEN: $GENSLR) was the founder of the Intergalactic Crypto Defense League (ICDL) and a champion of crypto. When the ICDL headquarters received an urgent call that the Galactic Banksters and the FUD Spreader were planning to destroy the crypto universe with fear, uncertainty, and doubt, Good Gary knew he had to act fast.”
Good Gary travels between parallel universes to fight and destroy evil—our “bad” Gary Gensler.
The two Garys have alternate visions for the future of crypto. Good Gary champions decentralization and innovation, while Bad Gary represents regulation and control. The clash between the two Garys ends with Good Gary coming out on top, proving that “the true spirit of innovation and decentralization would always triumph.” At least that’s the plot of the fantasy lore.
Sarcastic Origins, Innovation, Meme-powered Prosperity, But Limited Promises!
Ofcourse, we need to keep in mind that Good Gensler (TOKEN: $GENSLR) is a memecoin and, as a result, enjoys the usual advantages of crypto memes while suffering their shortcomings. The project is mostly just a bunch of Good Gary superhero memes, a Telegram group, and a crypto-positive manifesto.
While memecoins are known to explode in value, they are also incredibly volatile, making them risky investments. Their market value is heavily reliant on their associated communities. Good Gensler hit an all-time high of $0.000000036949 in May and has since tanked 79.26%. The token is quite abundant, with a fixed supply of 420 trillion $GENSLR. In addition, besides trading on Uniswap, $GENSLR is only listed on Poloniex and LBank. According to Etherscan, Good Gensler has roughly 4,400 token holders, significantly lower than PEPE’s nearly 120,000.
So far, the memecoin shows no red flags. The developer has renounced the smart contract, and the largest GENSLR holder controls 5% of the total supply. And, according to its official website, Good Gary keeps 5% for “whatever Good Gary wants,” and another 5% for potential exchange listings.
On a mission statement hosted on the Good Gensler website, pseudonymous crypto user Lawyered.eth, a “business lawyer and transactional freedom maxi”, states, “At $GENSLR, our mission is to foster a collaborative and inclusive global community driven by a passion for cryptocurrency and its potential to revolutionize finance, technology, and society.”
“We are dedicated to turning Gary Gensler, SEC Chair, into a meme, to creatively express the need for a more crypto-friendly policy framework.”
On his involvement in the project, Lawyered.eth describes himself as “literally just a dude who doesn’t think Gary Gensler is a good faith regulator,” and adds that he holds “a small bag” of GENSLR.
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