- Good Gary Gensler token pumped by 1,700% in the last 24 hours.
- GENSLR token may be related to Pepe (PEPE), which has been trending since last week.
- Traders must exercise caution when dealing with memecoins.
In the wake of major cryptocurrencies experiencing price corrections in the last couple of days, the crypto market’s attention appears to be turning toward memecoins. This time, newly-birthed memecoins are taking the spotlight with outrageous gains.
For instance, Good Gary Gensler (GENSLR), a token named after SEC Chairman Gary Gensler, has witnessed a 1,700% gain in the last 24 hours. The token pumped to $0.00000002776 an hour ago and is currently trading at $0.00000002438, according to CoinMarketCap.
The GENSLR pump may have been caused by the token’s ongoing airdrop.
The link shared in the tweet leads to a website identical to that of memecoins, so traders must exercise extra precaution to prevent any personal info and wallet breaches and asset loss.
GENSLR also appears to be connected to Pepe (PEPE), another memecoin that has been trending since last week. The Twitter account of GENSLR has been sharing posts by Pepe related to the latter’s airdrop as well.
At the moment, PEPE is occupying the 239th spot among all cryptocurrencies by market capitalization.
Traders and new crypto investors must exercise caution as the smart contract of both GENSLR and PEPE can be altered at any time. In addition, there are many entities that may pretend to be the official GENSLR and PEPE and may offer counterfeit tokens.
