What Happened To BODEN’s Bullish Momentum?
Jeo Boden (BODEN), the memecoin modeled after the United States President, is far off previous highs this year. Memecoins are trading sideways with short-term corrections recorded by most tokens amid the wider crypto slowdown. While the general memecoin plunge has affected the token, other factors have led to a general low sentiment.
At press time, BODEN trades at $0.3064, a 5% drop in the last 24 hours. The asset is also down 30% this week and at a larger 52% decline this month. These sharp outflows have lowered bullish pressure from an asset considered to rally as the U.S. Presidential Election nears.
BODEN: Has Bullish Uptick Faded?
BODEN once outpaced the markets with 100X gains on the back of the memecoin frenzy and renewed institutional inflow in the market. To put gains into perspective, the asset’s price hit an all-time high of $1.04 on April 8. Present prices show a massive 70% drop trading significantly lower.
Trading volumes on the asset are at $7 million, a 17% daily growth as crypto prices attempt a breakout from current positions. Last month, BODEN saw 97% weekly gains against several altcoins ranking the asset amongst the highest gainers. At those highs, trading volumes were up to 97 million as it saw a 2000% jump from its launch.
Reasons for the plunge of BODEN include macroeconomic factors, a general decline in memecoin, and renewed bottleneck regulations of the Securities and Exchange Commission (SEC). With a Gary Gensler-led SEC referring to crypto assets as securities, investors remain skeptical of most coins.
Can The Asset Rebound?
Market bulls believe that BODEN can pick up the pace should on-chain and macroeconomic factors flip green. A key reason for this is the over 1,100% jump in price from the all-time low recorded two months ago.
Bulls also flag potential rate cuts by the Federal Reserve as a bullish indicator as more funds will flow towards risky assets. Most institutional investors expect a rate cut by September although the Feds continue to leave rates unchanged.
Also Read: 3 New Meme Coins To Buy This Monday
The post What Happened To BODEN’s Bullish Momentum? appeared first on CoinGape.
