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A Donald Trump victory in the upcoming US presidential election could bring “regulatory sanity” to the crypto market, potentially leading to “a prolonged bear market” for meme coins.
That’s according to Columbia Business School finance professor Omid Malekan, who argued in an Oct. 26 post on X that clearer regulations under a Trump-led administration might be bad news for meme coins.
“Regulatory sanity in America is bad for meme coins because it refocuses crypto on DApps and other things that actually matter,” Malekan said in an Oct. 26 post on X.
Meme Coins Are Just A Reaction To An “Oppressive SEC Regime”
Malekan argued that a “Republican sweep” could be followed by a revival of initial coin offerings (ICOs), as well as fully open token airdrops and “other kings of token sanity.”
According to the professor, the only reason venture capital-backed meme coins did well was because of the pressure the crypto space faced from Senator Elizabeth Warren and US Securities and Exchange Commission (SEC) Chair Gary Gensler.
– Memecoins = in large part reaction to oppressive SEC regime
– if SEC finds sanity, less desire / need to trade memecoinsQED, trumpwin bearish memecoins https://t.co/l3CmArstsh
— nic carter (@nic__carter) October 27, 2024
Nic Carter, a partner at Castle Island Ventures, echoed Malekan’s remarks in an Oct. 27 post on X, when he said that the dominant performance by meme coins is in large part a reaction to the “oppressive SEC regime.”
He then added that if the “SEC finds sanity,” it could lead to a decreased desire/need to trade meme coins.
Donald Trump has said that if he becomes president, he will fire Securities and Exchange Commission chair Gary Gensler, widely seen as hostile to crypto, on day one.
Murad Mahmudov Says Meme Coin Investors Not Interested In Politics
Still, meme coin influencer Murad Mahmudov, the man behind the meme coin supercycle thesis, responded on X by saying ”99% of memecoin buyers couldn’t care less about Politics.”
“The rise of Memecoins has more do to with the persistently rising Global Money Supply,” he said. “Will that stop under Trump? Nope.”
99% of Memecoin buyers couldn’t care less about Politics
There are secular socio-economic forces at play that are much bigger than a single election
The rise of Memecoins has more do to with the persistently rising Global Money Supply.
Will that stop under Trump? Nope.…
— Murad 💹🧲 (@MustStopMurad) October 27, 2024
Meme Coins Plunge 15%
Over the past 24 hours, the meme coin market cap took a hammering, with the sector’s market cap plummeting over 15%.
The top 3 losers were Dolan Duck (DOLAN), PepeFork (PORK) and MOO DENG (MOODENG). DOLAN shed 14% of its value in the last 24 hours, while PORK and MOODENG saw their prices drop 12% and 11%, respectively.
While tokens on the open market suffer 24-hour losses, presale tokens like Pepe Unchained (PEPU), Crypto All-Stars (STARS) and FreeDum Fighters (DUM) are all gaining steam.
PEPU’s ongoing ICO has turned parabolic and is racing towards the $23 million milestone. Meanwhile, STARS has managed to raise over $2.81 million at this early stage, while investors are rushing to buy DUM for its 1,382% annual staking yield.
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