Gary Gensler, SEC-Inspired Meme Coins Soar, Beating Dogecoin, Shiba Inu And Floki Gains

Meme coins inspired by the Securities Exchange Commission (SEC) and its chair Gary Gensler have gained significant momentum, beating Dogecoin (CRYPTO: DOGE), Shiba Inu (CRYPTO: SHIB), and Pepe coin (CRYPTO: PEPE) in gains over the last 24 hours. What Happened: Following the SEC's recent lawsuits against crypto exchanges Coinbase Inc (NASDAQ:COIN) and Binance, a number of meme coins saw a sharp increase in price.

Timeline of Dogecoin, Floki-inu, Shiba-inu

Dogecoin Price Analysis: For nearly a month, the Dogecoin price witnessed a sideways trend between the $0.075 and $0.069 levels responding to broader market uncertainty. However, with the recent sell-off in the crypto market, the range formation resulted in the sellers' favor as the price plunged below $0.069.

Shiba Inu (SHIB) price fell below 0.0000080 for the first time in 2023 after news of Binance's legal squabbles with the Securities and Exchange Commission (SEC) hit the memecoin markets on Monday. On-chain data shows that whale investors have not bowed to the FUD.

Dogecoin was one of the biggest losers in crypto markets on Tuesday, as markets continued to react to the United States Securities and Exchange Commission (SEC) suing Binance and Coinbase. The global cryptocurrency market lost nearly 4% of its value in today's session. Solana was another notable mover, falling by 9% today.

In the midst of the SEC's lawsuit against Coinbase, industry experts and prominent figures have shared their opinions on the matter. Pierre Rochard, vice president of research at Riot Platforms, suggested that Coinbase refocus its attention on Bitcoin.

Twitter CEO Elon Musk has just shilled his favorite digital currency Dogecoin (DOGE) to his more than 142.3 million followers on the social media platform. Elon Musk who is known as the biggest advocate of the industry's first memecoin joined a conversation that was brought to the fore by Pierre Rochard, the VP of Research

In a surprising turn of events, Shiba Inu token's recent price plunge saw an impressive buyback effort by the Shiba Inu bulls, who managed to acquire a staggering 2.49 trillion SHIB, according to crypto intelligence portal IntoTheBlock. By comparison, The number of Shiba Inu tokens sold by big players during the price dip was reported to be 2.58 trillion tokens.

Dogecoin has plunged more than 7% during the past day as data shows that whales have made some large movements. Dogecoin Whales Move Large Amounts On The Chain According to data from the cryptocurrency transaction tracker service Whale Alert, five large transactions have been spotted on the DOGE blockchain during the last 24 hours.

Shiba Inu (SHIB), the popular meme-inspired cryptocurrency, is experiencing a notable change in market dynamics as the tide seems to be turning in favor of bullish sentiment. Over the past week, there has been a remarkable surge in confidence among large-scale investors who have demonstrated their support for SHIB by acquiring billions more tokens than they have sold.

Following the Securities and Exchange Commission's (SEC) Monday charges against Binance and its founder Changpeng Zhao for alleged securities violations, well-known figures within the cryptocurrency community have taken to Twitter to respond. What Happened: Former Twitter CEO Jack Dorsey tweeted “Steady lads” in response to Zhao's tweet which read “Strong together.

Elon Musk, the fabulously wealthier innovator, faces a class-action lawsuit from investors who accuse him of insider trading and manipulating Dogecoin (DOGE). Musk's actions allegedly led to a significant rise in Dogecoin's price.