As a crypto investor with some experience under my belt, I’ve seen my fair share of market ups and downs. The recent plunge in BODEN, the memecoin modeled after the United States President, is disappointing but not entirely unexpected given the wider crypto market slowdown.
The memcoin representing US President Joesph R. Biden (BODEN) currently falls short of its peak values this year. A trend of lateral trading characterizes memecoins, with brief corrections experienced by the majority. This pattern aligns with the broader crypto market downturn. Beyond the general memecoin price decline, several other influences have contributed to a subdued outlook.
At the present moment, BODEN is priced at $0.3064 on the market, representing a 5% decrease in value over the past 24 hours. This week, the asset has experienced a more significant loss of 30%, and its value has dropped by an even greater 52% within the last month. These substantial outflows have lessened the anticipation for a bullish trend in this asset that was previously expected to surge as the U.S. Presidential Election approaches.
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.
The trading volume for BODEN‘s asset currently stands at $7 million, representing a significant 17% increase in daily trade as cryptocurrency prices strive to surpass current levels. In the previous month, this asset experienced impressive 97% weekly growth when compared to various other altcoins, placing it amongst the most profitable assets. At the peak of these gains, trading volumes reached an astounding $97 million, marking a staggering 2000% increase from its initial launch.
The reasons behind BODEN‘s drop are multifaceted, with macroeconomic conditions, a waning memecoin trend, and intensified regulatory scrutiny from the Securities and Exchange Commission (SEC) being key factors. With Gary Gensler at the helm of the SEC, labeling crypto assets as securities has left many investors uncertain about the future of various coins.
Can The Asset Rebound?
As an analyst, I’ve observed that the bullish sentiment towards BODEN stems from the belief that favorable on-chain and macroeconomic conditions could lead to accelerated growth for this cryptocurrency. One significant factor fueling this optimism is the impressive price surge of over 1,100% since its all-time low was reached just two months ago.
Institutional investors believe that a rate cut by the Federal Reserve, which is anticipated by some to occur by September, could lead to an increase in investments in riskier assets like bulls do. Currently, the Fed has kept interest rates unchanged, but this potential shift in monetary policy could result in additional funds being directed towards these assets.
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2024-05-13 17:30