Efe Nail Saltık The political finance (PoliFi) meme token sector is experiencing significant declines in the lead-up to the November U.S. elections, with many tokens seeing drastic drops from their peak prices. One notable example is the Solana-based Jeo Boden (BODEN) meme coin, which has plummeted 70% in the past week following President Biden’s poor debate performance, raising doubts about his political future. BODEN is now down 80% over the past 30 days, returning to levels last seen in early March when it was first issued.
Trump-themed tokens are also facing declines, despite a surge in Donald Trump’s electoral prospects post-debate. TRUMP, the largest Trump PoliFi token, is down 10% on the day and 34% over the last week. TREMP, another Trump-related token, has similarly fallen nearly 10% in the past 24 hours and 37% over the week. The YES side of a Polymarket contract asking if Biden will drop out of the race has surpassed 60%, indicating growing speculation about his potential withdrawal.
Overall, the PoliFi sector has contracted by 11% in the last 24 hours, with most meme coins in the red. However, trading volumes on Polymarket have increased, suggesting that political bettors are shifting to this platform. According to Austin Freimuth, a research analyst at Messari, the June 27, 2024, Presidential debate failed to trigger a rally in top PoliFi memecoins. Freimuth believes that the announcement of Trump’s Vice Presidential pick could be the next significant event in the PoliFi space, potentially leading to the creation of new related memecoins.
Meanwhile, a Gavin Newsom token, trading as NOOSUM, is up 4% in the past 24 hours as the California Governor heads to D.C. to reportedly support Biden in meetings with Democrat Governors.
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