Political finance (PoliFi) meme tokens are taking a hit in the run-up to the November U.S. elections, with several hyped stalwarts down nearly 95% from peak prices.
Solana-based Jeo Boden (BODEN) meme coin, a play on Joe Biden mixed with Doland Duck, has dropped 70% in the past week, CoinGecko data shows, after the President’s “disastrous debate” performance called into question his political future.
BODEN is now down 80% in the last 30 days, and back to levels last seen in early March, when it was just issued.
Even Trump-themed tokens are down, despite Donald Trump’s electoral chances surging post-debate.
TRUMP, the largest Trump PoliFi token, is down 10% on-day and 34% in the last week. TREMP, the counterpart to Boden, is also down double digits: nearly 10% in the last 24 hours, and 37% on-week.
Meanwhile, the YES side of a Polymarket contract asking if Biden will drop out of the race topped 60% by Wednesday afternoon Asia time.
As such, most PoliFi memecoins are in the red, with the PoliFi sector contracting by 11% in the last 24 hours. Trading volumes on the betting marketplace Polymarket have increased in tandem, however, suggesting that political bettors have moved over to the platform.
“Contrary to expectations, top PolitFi memecoins failed to rally following the June 27, 2024, Presidential debate,” Austin Freimuth, a research analyst at Messari wrote in a recent note shared over email.
Freimuth estimated that Trump’s Vice Presidential selection is anticipated to be the next significant event in the PolitFi space.
“This announcement could potentially trigger the creation of new memecoins related to the chosen running mate,” he said.
Meanwhile, a Gavin Newsom token, trading as NOOSUM, is up 4% in the past 24 hours as the California Governor flies to D.C. to reportedly ‘stand with’ Biden as he meets with Democrat Governors.
