BODEN meme coin drops 95% as broader PoliFi sector turns sour

Key Takeaways

• Trump and Biden-themed PoliFi tokens have declined significantly as the US election approaches.
• Despite Trump's improving electoral odds, Trump-themed tokens continue to fall.

The political finance (PoliFi) sector is experiencing a significant downturn as the US presidential race heats up, with many popular tokens seeing dramatic losses.

The Solana-based Jeo Boden (BODEN) token, a playful nod to President Joe Biden, has been hit particularly hard. Following what many considered a subpar debate performance by the current President, BODEN plummeted 70% in just one week. This steep decline has erased months of gains, bringing the token back to its early March levels. It’s a stark reminder that in the world of meme coins, fortunes can change faster than a politician’s promises.

Surprisingly, even Trump-themed tokens are struggling despite the former president’s perceived debate success. TRUMP and TREMP have both seen double-digit losses, suggesting that the entire PoliFi sector is facing headwinds. It seems investors are treating these tokens with about as much enthusiasm as a tax audit.

The broader PoliFi market contraction of 11% in 24 hours indicates a sector-wide retreat. However, it’s not all doom and gloom in the political betting sphere. Polymarket, a prediction market platform, has seen increased trading volumes , suggesting that some political speculators are shifting to more traditional betting mechanisms.

Analysts are also eyeing potential catalysts for the PoliFi market. Trump’s vice presidential pick is anticipated to be the next big event, possibly spawning a new wave of meme coins.

In an interesting twist, the NOOSUM token, representing California Governor Gavin Newsom, has bucked the trend with a modest 4% gain. As Newsom heads to Washington to support Biden, his token’s performance is a small bright spot in an otherwise bearish market. It’s a reminder that in both politics and crypto, there’s always an underdog ready to surprise.