According to Coindesk, the upcoming US election in November has caused a sharp drop in the political finance (PoliFi) token market, with an overall drop of 11% in the past 24 hours, and many popular tokens have plummeted nearly 95% from their peak.
According to CoinGecko data, the Jeo Boden (BODEN) token on the Solana chain has plummeted 70% in the past week and 80% in the past 30 days. Although Donald Trump's election situation has risen after the debate, Trump-related tokens have not been immune. TRUMP, the Trump token with the largest market value, fell 10% in one day and 34% in the past week; TREMP token fell nearly 10% in 24 hours and 37% in a week.
Austin Freimuth, a research analyst at Messari, said Trump's vice presidential pick announcement could be the next big thing in the PolitFi space, and is expected to trigger the creation of new tokens related to the new running mate. Meanwhile, California Governor Gavin Newsom's token NOOSUM rose 4% in the past 24 hours as Newsom flew to Washington, D.C. to meet with Biden and other Democratic governors.