The Explosive Growth of BONK Meme Coin
The Solana Saga phone, once struggling to find its market, has seen its fortunes reversed this week, with units selling for as much as $5,000 on eBay, a staggering increase from its discounted price earlier this summer. This dramatic shift in demand is primarily attributed to the explosive rise of the Solana-based meme coin, BONK, which experienced more than a 10,000% surge in the past two months.
Saga Phone's Uncertain Future
The Saga phone, initially released earlier this year with a price tag of $1,000 and later reduced to $599, had faced disappointing sales and an uncertain future. Solana founder Anatoly Yakovenko had previously admitted that Saga's disappointing sales figures had put Saga's future into question. However, the recent frenzy around BONK, a dog-themed meme token, has changed the narrative.
BONK Token Airdrop Boosts Sales
Last week, traders and enthusiasts took notice of a 30 million BONK token airdrop included with every new Saga phone. As BONK's price skyrocketed, reaching a peak surge of over 621% over the past month, the value of the airdrop surpassed the cost of the phone, leading to an unexpected sell-out of the Saga phones on the official website.
The Saga is SOLD OUT! Words cannot describe how much we appreciate your support. We are nothing without this amazing community. While these past few days will be cemented in our history, we're excited for the future. Stay tuned.
Rising Demand and Price on eBay
On eBay, several Saga phones have been sold for over $2,000, with some listings reaching as high as $5,000. This demand spike is a clear indication of the market's response to the rising value of BONK and the potential for further appreciation. Buyers appear to be betting on the continued upward trajectory of the meme coin, hoping that its value will climb even higher.
Attraction of Other Solana-Based Projects
The BONK phenomenon has already attracted the attention of other Solana-based projects. Solend, a decentralized finance protocol, and Samoyed Coin, another meme token, announced plans for airdrops to Saga phone holders, further incentivizing ownership.
Future of Saga Phone
With Saga's recent success, there is speculation about the possibility of a follow-up phone in the future. Share your thoughts and opinions about this subject in the comments section below.
Frequently Asked Questions
Can I hold physical gold in my IRA?
Not only is gold paper currency, but it's also money. People have been using gold for thousands of years to store their wealth and protect it from economic instability and inflation. Gold is a part of a diversified portfolio that investors can use to protect their wealth from financial uncertainty.
Many Americans are now more inclined to invest in precious metals like gold and silver than stocks or bonds. Even though owning gold is not a guarantee of making money, there are many reasons why you might want to add gold to your retirement savings portfolio.
Another reason is the fact that gold historically has performed better than other assets in times of financial panic. Between August 2011 to early 2013, gold prices rose close to 100 percent while the S&P 500 fell 21 per cent. Gold was one asset that outperformed stocks in turbulent market conditions.
Another benefit to investing in gold? It has virtually zero counterparty exposure. Your shares will still be yours even if your stock portfolio drops. Gold can be worth more than its investment in a company that defaults on its obligations.
Finally, gold is liquid. This means you can easily sell your gold any time, unlike other investments. It makes sense to buy small quantities of gold, as it is more liquid than other investments. This allows you take advantage of the short-term fluctuations that occur in the gold markets.
How much tax is gold subject to in an IRA
The fair market value at the time of sale is what determines how much tax you pay on gold sales. When you purchase gold, you don't have to pay any taxes. It is not income. If you decide to sell it later, there will be a taxable gain if its price rises.
Gold can be used as collateral for loans. Lenders will seek the highest return on your assets when you borrow against them. In the case of gold, this usually means selling it. However, there is no guarantee that the lender would do this. They may keep it. They may decide to resell it. Either way you will lose potential profit.
In order to avoid losing your money, only lend against your precious metal if you plan to use it to secure other collateral. You should leave it alone if you don't intend to lend against it.
What Does Gold Do as an Investment Option?
Supply and demand determine the gold price. Interest rates can also affect the gold price.
Due to the limited supply of gold, prices for gold are highly volatile. You must also store physical gold somewhere to avoid the risk of it becoming stale.
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- Yahoo Finance provides information about Barrick Gold Corporation's (GOLD) stock price, news, quote, and history.
- 7 U.S. Code SS7 – Designation board of trade as contract marketplaces
- 26 U.S. Code SS 408 – Individual retirement plans
Investing gold vs. stocks
It might seem risky to invest in gold as an investment vehicle these days. This is because many people believe that gold investment is no longer profitable. This belief comes from the fact most people see gold prices falling due to the global economy. They believe they would lose their money if they invested gold. However, investing in gold can still provide significant benefits. Let's take a look at some of the benefits.
Gold is one of the oldest forms of currency known to man. There are records of its use going back thousands of years. It was used by many people around the globe as a currency store. Even today, countries such as South Africa continue to rely heavily on it as a form of payment for their citizens.
The first point to consider when deciding whether or not you should invest in gold is what price you want to pay per gram. When looking into buying gold bullion, you must decide how much you are willing to spend per gram. You could contact a local jeweler to find out what their current market rate is.
It is also worth noting that although gold prices have declined recently, the cost of producing gold has increased. Although the price of gold has dropped, production costs have not.
When deciding whether to buy gold, another thing to consider is how much gold you intend on buying. If you plan to buy enough gold to cover your wedding rings then it is probably a good idea to wait before buying any more. But, if your goal is to make long-term investments in gold, this might be worth considering. Profitable gold can be sold at a lower price than it was when you bought it.
We hope this article helped you to gain a better appreciation of gold as a tool for investment. It is important to research all options before you make any decision. Only then can informed decisions be made.
By: David Sencil
Title: Saga Phone Resurgence: BONK's Rise Turns Solana Device Into Hot Commodity
Sourced From: news.bitcoin.com/solana-saga-phone-interest-soars-following-bonk-meme-coin-surge/
Published Date: Tue, 19 Dec 2023 05:30:59 +0000