Political finance (PoliFi) meme tokens are facing a tough time leading up to the November U.S. elections, with many popular options falling by almost 95% from their peak prices. One such token is the Solana-based Jeo Boden (BODEN) meme coin, inspired by Joe Biden and Donald Duck, which has seen a 70% drop in the past week according to CoinGecko data. This significant decrease in value is attributed to President Biden’s performance in the recent debate, which has raised doubts about his political future. BODEN has now plummeted by 80% in the last 30 days and is back to its initial levels from early March when it was first issued.
Even tokens related to Donald Trump are experiencing declines, despite his increasing chances in the upcoming elections. TRUMP, the largest Trump PoliFi token, has dropped by 10% in a day and 34% in the past week. On the other hand, TREMP, the counterpart to Boden, has also seen double-digit decreases, with nearly 10% decline in the last 24 hours and 37% drop in a week.
The Polymarket contract speculating about Biden dropping out of the race has seen the YES side reaching over 60% by Wednesday afternoon in Asia. This trend has caused most PoliFi memecoins to be in the negative territory, leading to an 11% contraction in the PoliFi sector in the last 24 hours. However, trading volumes on Polymarket have increased, indicating a shift of political bettors to the platform.
Analysts like Austin Freimuth from Messari have noted that the top PolitFi memecoins did not rally as expected after the recent Presidential debate. Freimuth predicts that the next significant event in the PoliFi space will be Trump’s Vice Presidential selection, which could potentially result in the creation of new memecoins related to the chosen running mate.
In the midst of all this, a Gavin Newsom token known as NOOSUM has seen a 4% increase in the past 24 hours. This surge is attributed to the California Governor’s visit to D.C. to show support for Biden as he meets with Democrat Governors.
It is evident that the PoliFi sector is facing challenges and uncertainties as the U.S. elections draw closer. The fluctuations in meme token values reflect the dynamic nature of political betting and the impact of key events on the market. Investors and bettors alike are closely monitoring developments in the political landscape to make informed decisions in this volatile environment.
