Political Finance Meme Tokens Analysis
Political finance (PoliFi) meme tokens are experiencing a downturn as the November U.S. elections approach. Notable tokens like Jeo Boden (BODEN) and TRUMP are facing significant price drops, reflecting market uncertainty surrounding the political landscape.
The Solana-based Jeo Boden (BODEN) meme coin, a playful combination of Joe Biden and Donald Duck, has seen a sharp decline of 70% in the past week. This drop follows President Biden’s debated performance, which raised concerns about his political future. BODEN is now down 80% in the last 30 days, marking a return to early March levels.
Even Trump-themed tokens are not immune to the market volatility. TRUMP, the largest Trump PoliFi token, has decreased by 10% in a day and 34% in a week. Similarly, TREMP, the counterpart to BODEN, has also experienced double-digit declines.
Interestingly, the YES side of a Polymarket contract speculating on Biden dropping out of the race has surged above 60%. This indicates growing uncertainty and speculation in the market regarding potential political developments.
Overall, the PoliFi sector has contracted by 11% in the past 24 hours, with trading volumes on platforms like Polymarket seeing an increase. This shift suggests that political bettors are actively engaging in speculative trading activity amidst the evolving political landscape.
Looking ahead, market analysts anticipate that Trump’s Vice Presidential selection could be a key event impacting the PoliFi space. This announcement may lead to the creation of new meme tokens related to the chosen running mate, further shaping the dynamics of the market.
On a different note, the Gavin Newsom token, known as NOOSUM, has shown a 4% increase in the past 24 hours. This rise coincides with California Governor Newsom’s visit to D.C. to reportedly show support for Biden during meetings with Democrat Governors.