Political Finance Meme Tokens Facing Decline Ahead of U.S. Elections

Political finance (PoliFi) meme tokens are experiencing a downturn as the November U.S. elections draw near. Several prominent tokens have seen a significant drop in value, with some losing almost 95% of their peak prices.

Jeo Boden (BODEN) Meme Coin: The Solana-based BODEN meme coin, a clever fusion of Joe Biden and Donald Duck, has plummeted by 70% in the past week according to CoinGecko data. This decline followed President Biden’s lackluster performance in a recent debate, casting doubts on his political future. BODEN’s value has now fallen by 80% over the last 30 days, returning to levels last observed in early March when it was initially launched.

Trump-Themed Tokens: Despite a surge in Donald Trump’s electoral prospects post-debate, even Trump-themed tokens have experienced losses. The largest Trump PoliFi token, TRUMP, is down 10% in the last 24 hours and 34% over the past week. TREMP, the counterpart to Boden, has also seen a double-digit decline, dropping nearly 10% within a day and 37% over the week.

Polymarket Contract and Betting Trends: The ‘YES’ side of a Polymarket contract speculating on Biden dropping out of the race exceeded 60% by Wednesday afternoon. As a result, most PoliFi memecoins are in the negative territory, with the PoliFi sector shrinking by 11% in the last 24 hours. However, trading volumes on Polymarket have surged, indicating a shift of political bettors to the platform.

Market Analysis and Future Outlook: Analysts suggest that the failure of top PolitFi memecoins to rally following a recent Presidential debate has been unexpected. The next significant event in the PolitFi space is believed to be Trump’s Vice Presidential selection, which could potentially lead to the creation of new memecoins related to the chosen running mate. Meanwhile, the Gavin Newsom token, NOOSUM, has managed to gain 4% value in the past 24 hours as California Governor Gavin Newsom reportedly shows support for Biden in D.C.