Professor Predicts Meme Coin Trouble Under Trump!

Professor Omid Malekan believes a Donald Trump presidency could be “bearish” for meme coins.

Danielle du Toit
October 28, 2024

Here's what we've got for you today:

Omid Malekan, a professor at Columbia Business School, believes a Donald Trump presidency could be “bearish” for meme coins.

Professor Malekan suggests a "Republican sweep" could revive more open crypto practices like initial coin offerings and token airdrops, which he believes were restricted by pressures from Senator Warren and SEC Chair Gensler.
Nic Carter of Castle Island Ventures believes that the rise of meme coins mainly reflects retail traders' reaction to the SEC’s strict policies and could decrease if the agency decided to adopt a more lenient approach under Trump.
Not everyone agrees with Malekan’s perspective as they believe meme coin popularity is driven by cultural trends rather than political or regulatory factors.

BlackRock set a new benchmark in Bitcoin holdings after it surpassed 400,000 BTC, which is valued at more than $26 billion.

Over the past two weeks alone, BlackRock bought an additional 34,085 BTC, valued at approximately $2.3 billion.
Now, there is some speculation over whether BlackRock could try to fork the Bitcoin blockchain to align more with its interests.
On the other hand, BlackRock’s influence in the Bitcoin ecosystem could be balanced by other larger stakeholders, including MicroStrategy, large mining companies, and individual BTC holders.

The criticism stems from the Ethereum Foundation’s periodic sales of Ether (ETH), which is the native cryptocurrency of the network.

Vitalik Buterin defended the Ethereum Foundation’s ETH sales by stating that they are necessary to fund development and maintain the network.
Critics believe that selling ETH, instead of staking it for passive income, contradicts Ethereum's value proposition. However, Buterin explained that the proceeds of these sales are essential for network security and functionality.
Buterin also pointed out that the funds specifically support Ethereum's proof-of-stake infrastructure, ensuring fast transactions, low fees, privacy features, and consistent network uptime.

Base was briefly the number one blockchain for stablecoin volume on the same day it hit a new all-time-high transaction count.

Base achieved a record 30.06% market share in stablecoin volume on Oct. 26, surpassing Solana, Ethereum, and Tron.
Solana, Ethereum, and Tron followed Base with 25%, 20%, and 16.7% in stablecoin market share respectively.
Circle CEO Jeremy Allaire shared that if Base’s trend continues, USD Coin (USDC) could reach an annual run rate of $6.6 trillion on Base alone.

That’s it for today. Don’t forget to share Coinpaper Digest with your friends!