The U.S. election that will held tomorrow, November 5, has become the spotlight for the crypto community, and the result of the election predicted will impact the price of cryptocurrencies, especially meme coins.

Professor Omid Malekan has an opinion that if Trump were elected, Republican policies could lead to relaxed crypto regulations, potentially diminishing the appeal of meme coins. 

Malekan argues that meme coins’ popularity comes from investor frustration with unfair tokenomics in venture-backed crypto projects. He notes, “People like meme coins because of their fair initial distribution, but they offer little real utility.”

Read more: It Is Too Late to Buy Crypto in 2024?

Nic Carter, a crypto investor, supports Malekan’s stance, attributing meme coins’ rise to the restrictive regulations enforced by SEC Chair Gary Gensler. Carter believes a Trump administration might ease these regulations, reducing investors’ need for meme coins.

On the other hand, analyst Murad Mahmudov disagrees, arguing that meme coins’ popularity is more about entertainment and a rising global money supply. He explains that “people don’t turn to crypto to trade equities; they come seeking high returns.”

Meanwhile, Solana Labs’ co-founder, Toly, views meme coin trading as a form of amusement, likening it to a popularity contest. He believes “trading meme coins is entertainment,” contrasting it with the “work” involved in more traditional trading.

Read more: Popular Crypto This Week DOGE, XRP, SHIB, TRX, Which One is The Best?

Additionally, crypto analyst Jordan Fish, also known as “Cobie,” notes that meme coins offer a fast entry into crypto, appealing to investors looking for quick profits. According to Fish, “It’s almost impossible for the average person to buy a non-meme coin early anymore.”

With the upcoming election, Trump’s campaign promises to make America the “crypto capital,” which could sway crypto voters in key states. According to polls, around two-thirds of crypto owners favor pro-crypto candidates.