Jeo Boden

United

Gary

Reserve

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.&nbsp;
At press time, <a rel="noopener noreferrer nofollow" href="https://www.coingecko.com/en/coins/jeo-boden" target="_blank">BODEN</a> 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.&nbsp;
<img decoding="async" class="aligncenter size-full wp-image-196706" src="https://coingape.com/wp-content/uploads/2024/05/chart-30.jpeg" alt="" width="1644" height="1200" srcset="https://coingape.com/wp-content/uploads/2024/05/chart-30.jpeg 1644w, https://coingape.com/wp-content/uploads/2024/05/chart-30-300x219.jpeg 300w, https://coingape.com/wp-content/uploads/2024/05/chart-30-1224x893.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/05/chart-30-768x561.jpeg 768w, https://coingape.com/wp-content/uploads/2024/05/chart-30-1536x1121.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/05/chart-30-150x109.jpeg 150w" sizes="(max-width: 1644px) 100vw, 1644px">
<h2 id="span-style-font-weight-400-strong-boden-has-bullish-uptick-faded-strong-span">BODEN: Has Bullish Uptick Faded?&nbsp;</h2>
BODEN once outpaced the markets with 100X gains on the back of the <a href="https://coingape.com/blog/memecoin-frenzy-continues-as-polkadot-based-ded-trends-on-twitter-after-airdrop-snapshot/" target="_blank" rel="noopener noreferrer nofollow">memecoin frenzy</a> 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.&nbsp;
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.&nbsp;
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 <a href="https://coingape.com/breaking-sec-gary-gensler-considered-ethereum-as-security-court/" target="_blank" rel="noopener noreferrer nofollow">Gary </a><a href="https://coingape.com/breaking-sec-gary-gensler-considered-ethereum-as-security-court/amp/" rel="noopener noreferrer nofollow">Gensler</a>-led SEC referring to crypto assets as securities, investors remain skeptical of most coins.
<h2 id="span-style-font-weight-400-strong-can-the-asset-rebound-strong-span">Can The Asset Rebound?&nbsp;</h2>
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.&nbsp;
Bulls also flag potential rate cuts by the <a href="https://coingape.com/fed-rate-cut-hopes-dampen-amid-surging-q1-inflation/" target="_blank" rel="noopener noreferrer nofollow">Federal Reserve</a> 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: <a href="https://coingape.com/trending/3-new-meme-coins-to-buy-this-monday/" target="_blank" rel="noopener noreferrer nofollow">3 New Meme Coins To Buy This Monday</a>
The post <a href="https://coingape.com/trending/what-happened-to-bodens-bullish-momentum/" rel="noopener noreferrer nofollow">What Happened To BODEN’s Bullish Momentum?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

What Happened To BODEN’s Bullish Momentum?

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