As November 5 draws closer, all eyes are on the U.S. election, a day set to shape not only the country’s future but potentially the path of the cryptocurrency market.
Forecasting platforms like Polymarket now predict that Republican candidate Donald Trump is more likely to win against Democratic candidate Kamala Harris. Within the crypto world, many see a Trump victory as a spark for the next big bull run, believing his pro-crypto stance could remove the regulatory obstacles holding back growth. But not everyone shares this optimism—especially when it comes to the future of meme coins.
Columbia finance professor and crypto expert Omid Malekan recently dropped a surprising take: he thinks Trump’s policies could actually spell trouble for meme coins. Let’s explore this further below.
While Trump’s pro-crypto stance excites many, Malekan suggests his leadership could have a less favorable effect on meme coins.
Trump has consistently vowed to reform crypto regulations, and Malekan believes these changes might shift investors’ interest away from meme coins and toward more functional projects like decentralized applications (DApps).
According to Malekan, meme coins lack genuine utility, and a regulatory focus on practical use cases could leave them out of favor.
Malekan explains that meme coins often act as a way for traders to voice their frustration over restrictive regulations. Under Trump, if the regulatory environment becomes more open and innovation-friendly, the need for this “protest” through meme coins might fade. Malekan suggests that if traders feel less restricted, meme coins could lose some of their current appeal.
Another significant point Malekan raises is that a Republican win could encourage the return of major crypto events like Initial Coin Offerings (ICOs) and airdrops, which have been curtailed under the current Democratic administration.
With fewer regulatory barriers, these events could gain momentum again, drawing attention to projects with real utility.
Some experts disagree with Malekan’s stance. Crypto analysts like Murad Mahmudov and Cobie argue that meme coin popularity is not closely tied to regulatory sentiment. Instead, they believe meme coins thrive on their potential for quick profits and the overall increase in the global money supply. They contend that regulation is less of a driving factor in the popularity of meme coins.
As the election unfolds, its impact on crypto could be significant. While a Trump win might bring important shifts, especially for meme coins, opinions vary widely on what it all means.
Will meme coins thrive or dive under Trump’s regulatory plans? Let us know what you think!
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