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BODEN Meme Coin Drops 95% as Broader PoliFi Sector Turns Sour
Key points
- Trump and Biden-themed PoliFi tokens have dropped significantly as the US election approaches.
- Despite Trump’s rising election odds, Trump-themed tokens continue to slide.
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The political finance (PoliFi) sector is experiencing a sharp downturn as the US presidential race intensifies, with many popular tokens suffering dramatic losses.
Based in Solana Jeo Boden (BODEN) token, a playful homage to President Joe Biden, has been hit particularly hard. After what many considered a mediocre debate performance by the now president, BODEN has plummeted 70% in just one week. The steep decline has erased months of gains, sending the token back to 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, Trump-themed tokens are also struggling despite the former president’s perceived success in the debate. TRUMP and TREMP have both posted double-digit losses, suggesting that the entire PoliFi sector is facing headwinds. Investors appear to be treating these tokens with the same enthusiasm as a tax audit.
The broader PoliFi market contraction of 11% in 24 hours indicates a pullback in the entire sector. However, it is not all doom and gloom in the political betting sphere. Polymarket, a prediction market platform, has seen increase in trading volumeswhich suggests that some political speculators are switching to more traditional betting mechanisms.
Analysts are also keeping an eye on potential catalysts for the PoliFi market. Vice President Trump’s pick is expected to be the next big event, potentially sparking a new wave of meme coins.
In an interesting twist, the NOOSUM token, representing California Governor Gavin Newsom, bucked the trend with a modest 4% gain. As Newsom heads to Washington to endorse 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 waiting to surprise.
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