The wave of enthusiasm that swept over the meme coin market in the wake of the US presidential election seems to have hit pause—at least for one day.

Meme coin prices are down across nearly all of the biggest meme coins over the past 24 hours. $DOGE has lost 8.4%, $SHIB is down 5.7%, and $PEPE is down 2.5%.

However, that appears to have created opportunities for presale tokens like Pepe Unchained, which is seeing accelerated investment even as major tokens dip.

Let’s take a closer look at the state of the meme coin market today.

Meme Coins Pause Historic Run, But Gains Could Soon Resume

The decline in meme coin prices comes after a week of explosive gains and new all-time highs. Over the past 7 days—including today’s losses—$DOGE has a net gain of 84% and $PEPE has a net gain of 90%.

That means most meme coin traders are still sitting on a rich pile of gains, and may not be looking to sell at the first sign of trouble. That could prevent the dip from turning into a full-blown sell-off.

In addition, the fundamentals that drove the meme coin market higher this week in place. The most important change is the election of Donald Trump as US president.

Trump has promised to remove SEC Chair Gary Gensler, the archenemy of crypto who many think have held the industry back from reaching its full potential.

Robinhood and Coinbase seemingly made moves to defy Gensler in his waning days as SEC Chair by listing $PEPE earlier this week. Both platforms have largely stayed out of meme coin trading after being served lawsuits by the SEC for listing tokens that the agency considers securities.

Perhaps the most stark indication that regime change at the SEC is coming is a tweet from former chairman John Reed Stark calling for Gary Gensler’s immediate resignation.

In a follow-up comment, Stark also said that ‘the SEC’s crypto-enforcement wave (which has been extraordinarily successful in the Courts) should stop.’

Nah — I’m too old for trolling (and I don’t really know what “trolling” is anyway Eleanor). But I do kn