TechFlow news, according to Coindesk, the upcoming U.S. November election has triggered a sharp decline in the political finance (PoliFi) token market, with an overall drop of 11% in the past 24 hours and several popular tokens plunging nearly 95% from their peaks.
Data from CoinGecko shows that Jeo Boden (BODEN), a token on the Solana blockchain, has plummeted 70% over the past week and dropped 80% over the last 30 days. Despite Donald Trump's improved electoral prospects following recent debates, Trump-related tokens have not been spared. The largest Trump-linked token by market cap, TRUMP, fell 10% in one day and 34% over the past week; TREMP dropped nearly 10% within 24 hours and declined 37% over the week.
Austin Freimuth, research analyst at Messari, said the announcement of Trump’s vice-presidential pick could be the next major event for the PolitFi space, likely triggering the creation of new tokens tied to the newly named running mate. Meanwhile, NOOSUM, the token associated with California Governor Gavin Newsom, rose 4% over the past 24 hours as Newsom traveled to Washington, D.C., to meet with Biden and other Democratic governors.
