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Trump Win Could Impact Memecoin Popularity and Here is Why

by Matoy
October 28, 2024
in Breaking News, Crypto, Politics
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  • Experts say a pro-crypto Trump administration may lead to a memecoin market shift.
  • Finance professor views memecoins as “economic populism” that resists centralized control.
  • Analysts suggest memecoin trends reflect retail desires, not directly influenced by politics.

Finance experts are debating how a Trump presidency could influence the memecoin market, with some arguing that regulatory shifts might lessen demand for these tokens. Omid Malekan, a Columbia Business School finance professor, described memecoins as symbols of “economic populism,” asserting they resist what he calls “unfair” structures typical of venture capital-backed crypto tokens.

Malekan contends that greater regulatory clarity under a pro-crypto Trump administration may shift focus to decentralized applications and other uses of blockchain, potentially slowing the memecoin market. He suggested that a Republican victory could revitalize initial coin offerings and token airdrops while reducing demand for memecoins, which he believes emerged partly in response to SEC scrutiny.

Source: Nic Carter on X

Divergent Views on Memecoin Market Dynamics

Some crypto analysts agree with Malekan, suggesting that retail traders favor memecoins because of regulatory restrictions around more established crypto projects. Nic Carter of Castle Island Ventures noted that the appeal of memecoins could diminish if regulatory conditions improve, lessening retail investors’ need to seek alternatives.

However, many traders argue that memecoin popularity is less about political policies and more about demand for accessible investment opportunities. Memecoin advocate Murad Mahmudov argued that memecoins’ popularity has little to do with politics, attributing it instead to rising global liquidity and consumer spending. Crypto trader Jordan Fish, known as “Cobie,” similarly argued that memecoins draw interest due to their potential for high returns in a market where early-stage opportunities are often limited to insiders.

Polls Show Divided Crypto Voter Support

While Trump has pitched himself as pro-crypto, with campaign promises to make the U.S. a global leader in digital assets, a recent Coinbase poll suggests mixed political support among crypto holders in swing states. The poll revealed that while many crypto users lean toward a pro-crypto candidate, support remains split between Trump and his Democratic opponent, Kamala Harris. As the Nov. 5 election nears, the outcome may shape how future crypto policies unfold, with polls showing a narrow lead for Harris.

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