Jeo Boden, a memecoin inspired by the likeness of the US President, has seen a significant decline of 70% from its peak last month.
This fall mirrors the broader trend among memecoins, which are experiencing sideways trading and occasional downturns amidst a general slowdown in the cryptocurrency market. While the overall dip in memecoins has impacted Jeo Boden, additional factors have contributed to the prevailing negative sentiment.
Currently, Jeo Boden (BODEN) is trading at $0.3064, marking a 5% decrease in the past 24 hours. Over the week, it has dropped by 30%, and over the month, it has experienced a substantial 52% decline. These notable decreases have dampened the previously bullish sentiment toward an asset once expected to surge as the US Presidential Election drew nearer.
Previously, Jeo Boden witnessed a remarkable surge, boasting gains of 100X during the memecoin frenzy and amidst renewed institutional interest in the market. At its peak on April 8, the price reached an all-time high of $1.04. However, the current trading prices reflect a significant 70% decrease from that pinnacle.
Trading volumes for Jeo Boden currently stand at $7 million, showing a 17% daily increase as cryptocurrency prices attempt to break away from their current levels. Last month, Jeo Boden recorded a staggering 97% weekly increase compared to several altcoins, ranking it among the top performers. During this peak, trading volumes surged to 97 million, representing a remarkable 2000% surge from its launch.
Several factors have contributed to Jeo Boden’s decline, including macroeconomic conditions, a general downturn in memecoins, and renewed regulatory scrutiny from the Securities and Exchange Commission (SEC). With the SEC, under the leadership of Gary Gensler, classifying certain crypto assets as securities, investor confidence in many coins remains uncertain.
Despite the current downturn, market optimists believe that Jeo Boden could stage a recovery if on-chain and macroeconomic indicators turn positive. One promising sign is the asset’s over 1,100% price increase from its all-time low recorded just two months ago.
Bullish investors also view potential interest rate cuts by the Federal Reserve as a positive indicator, as lower rates could lead to increased investment in riskier assets. While many institutional investors anticipate a rate cut by September, the Federal Reserve has maintained its current rates for the time being.
