As a seasoned crypto investor with a knack for spotting trends and interpreting market dynamics, I find myself intrigued by Miles Deutscher’s recent analysis of memecoins during this pivotal US election period. His insights into the potential impact of a Trump or Harris presidency on the crypto market are thought-provoking, to say the least.
In light of the approaching U.S. presidential election, one expert is voicing optimism about the sustained growth of meme-based cryptocurrencies, especially given the current political climate.
On a recent social update on what used to be Twitter, Miles Deutscher predicted that cryptocurrencies based on dogs and cats would surpass the overall crypto market performance, irrespective of whether Donald Trump or Kamala Harris wins the election.
Dogecoin Leads Memecoins Resurgence On Election Day
Currently, Bitcoin (BTC), the leading cryptocurrency in the market, is hovering close to the $70,000 level, experiencing a slight increase of 2.2% over the last day, following multiple unsuccessful attempts to surpass its previous record high of $73,700 set just last week.
Contrary to the current trend, I’ve noticed that Dogecoin (DOGE), the dominant meme coin in terms of market cap, has skyrocketed by a whopping 12% within this timeframe. This surge underscores the vibrancy and resilience of the meme coin sector when compared to the top ten cryptocurrencies.
German posits that if Trump secures victory in the election, it’s probable that Dogecoin’s upward trend might accelerate. He attributes this to Trump’s proposed Department Of Government Efficiency (DOGE) initiative, which he assumes could boost Dogecoin’s exposure and market fluidity. This, in turn, could potentially trigger a wider surge within the meme coin sector.
Leading the meme trend, DOGE is expected to attract focus and financial flow towards the wider meme market. He believes this. Such excitement might trigger a large wave of speculative investments, which are commonly known as ‘Fear of Missing Out’ or FOMO.
Increased Crypto Scrutiny Under A Harris Administration?
German anticipates that if Trump wins the election, it could ignite a surge in alternative cryptocurrencies, particularly meme coins, as these digital assets tend to perform well during election periods based on historical data.
On the day of the election, it’s worth noting that three significant tokens in the Solana memecoin ecosystem – Dogwifhat (WIF), Bonk Inu (BONK) and Popcat (POPCAT) – experienced remarkable growth. Specifically, WIF increased by 6.3%, BONK jumped up by 8%, and POPCAT rose by 6%. Interestingly, all these tokens outperformed the top ten cryptocurrencies in the market on that day.
German’s statement suggests that if Trump wins the presidency, there could be a substantial rebound for numerous cryptocurrencies, as these digital assets have been experiencing significant declines due to investors reducing their risk positions prior to the election.
If Kamala Harris were to win, the analyst predicts a shift in dynamics. With an increased likelihood of stricter regulations on utility tokens, investors might choose to invest in riskier assets like memecoins instead.
German observes that if such a situation arises, the possibility of an enforcement action (similar to the Operation Chokepoint efforts aimed at specific cryptocurrencies) could drive investors toward more carefree options, such as meme-based cryptocurrencies.
Eventually, this change might strengthen the influence of meme coins, particularly if traditional areas such as Decentralized Finance (DeFi) encounter intensified oversight or regulation.
Deutscher suggests that some investors may be more inclined towards investing in cryptocurrencies that have shown robustness and stability throughout the year, rather than diversifying across the broader altcoin market.
According to the analysis of market patterns, it seems some meme-based cryptocurrencies might be seen as less risky compared to other alternative coins. This view is gradually becoming more popular amongst individual investors.
At the time of writing, Dogecoin trades at $0.1755.
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2024-11-06 10:16