From Peak to Plunge in the Meme Coin Madness
The recent phenomenon of meme coins has taken the cryptocurrency world by storm, and BONK (BONK) on the Solana network has been at the center of this frenzy. However, in the past two weeks, BONK has experienced a significant downturn, with a 41% decline and a further 20.8% descent in just the past week. This drastic drop comes after BONK reached an all-time high (ATH) in mid-December, only to plummet 57% from its peak.
A Closer Look at the Numbers
As of December 30, 2023, BONK had an intraday trading range of $0.00001387 to $0.00001536, with its current value sitting at $0.00001446, marking a 4.4% decrease in the past day. Despite the recent losses, BONK has still managed to maintain an impressive 272% increase over the last 30 days.
However, it's important to note that BONK's value has dropped significantly since its ATH of $0.00003416 per unit on December 15, 2023. The current value of $0.00001446 represents a 57% decline from its peak. Despite this setback, BONK remains the third largest meme coin by market capitalization, trailing behind DOGE and SHIB. Its current market cap stands at $887 million, surpassing the fourth largest meme coin, CORGIAI, which has a valuation of $633 million.
An Inside Look at BONK's Circulation
As of December 30, 2023, there are approximately 56.02 trillion BONK in circulation, held across 566,773 addresses. The top ten wallets control 33.72% of the circulating supply, while the top 20 holders command 40.49% of all BONK tokens. The top 100 BONK holders control 55.08% of the total supply, with the top address alone holding 11.68%.
The Uncertain Future of BONK
The future trajectory of BONK remains uncertain, as the market's unpredictable nature could either lead to further decline or pave the way for a potential resurgence. Amidst its current volatility, other meme coins are also vying for attention, hoping to replicate BONK's earlier success. As these contenders emerge, the landscape of meme cryptocurrencies continues to evolve, leaving BONK's fate hanging in the balance amidst this competitive fray.
Share Your Thoughts
What are your thoughts on BONK's decline over the last two weeks? We would love to hear your opinions and insights on this subject. Please feel free to share your comments below.
Frequently Asked Questions
How much of your IRA should include precious metals?
Investing in precious metals such as gold and silver is the best way to protect yourself from inflation. It's not just an investment for retirement; it also helps you prepare for any economic downturn.
Gold and silver prices have increased significantly over the past few years, but they are still considered safe investments because they don't fluctuate as much as stocks do. There is always demand for these materials.
The prices of gold and silver are generally predictable and stable. They tend to rise during economic growth and drop during recessions. They are great money-savers as well as long-term investments.
Ten percent should go into precious metals. If you want to diversify even further your portfolio, that percentage could rise.
Are precious metal IRAs a good investment?
How much risk you are willing to take for an IRA account's value loss will determine the answer. If you have $10,000 cash, they make sense as long as you don’t expect your IRA account to grow rapidly. These might not be the best options if you're looking to invest in assets that have the potential to rise in value (gold) and plan to save for retirement for many decades. These investments can also be subject to fees that could reduce any gains.
Can I take physical possession of gold in my IRA?
Many ask themselves whether they can physically possess gold in an IRA account. This is a legitimate concern because it is illegal.
But if you carefully examine the law, there's nothing stopping you from owning gold in your IRA.
Most people don’t realize just how much they could save by putting your gold in an IRA, rather than keeping it at home.
It is easy to toss gold coins, but it's not easy to place them in an IRA. If you decide to keep your gold in your own home, you'll pay taxes on it twice. Once for the IRS and once for the state where you live.
Of course, you can also lose your gold in your house and pay taxes twice. Why would you want it to stay in your home?
You might argue that you need the security of knowing that your gold is safe in your home. However, to guard yourself against theft, it is worth considering storing your gold in a more secure location.
If you intend to visit often, don't leave your gold unattended in your home. Thieves can easily steal your gold if you don't keep it safe.
A better option is to store your gold in an insured vault. Your gold will be protected against fire, floods, earthquakes, and robbery.
Another benefit to keeping your gold in vaults is that you won’t have to pay any property taxes. You will have to pay income taxes on any gains from the sale of your gold.
If you prefer not to pay tax on your precious metals, an IRA may be a good option. An IRA will allow you to avoid income tax while earning interest on your gold.
Capital gains tax is not a requirement for gold investments. You can cash out your entire investment anytime you wish.
Because IRAs have federal regulation, it won't be difficult to transfer your gold to another bank if there is a move.
The bottom line is: You can own gold in an IRA. Fear of theft is all that holds you back.
What proportion of your portfolio should you have in precious metals
To protect yourself from inflation, investing in physical metals is the best option. This is because you not only get the current price but also the future value when you invest precious metals. The value of your investment increases with rising prices.
Gains will be taxed if you keep your investments for at minimum five years. After that time, capital gains taxes will be due. You can learn more about gold coins by visiting our website.
How do you choose an IRA.
Understanding your account type is the first step to finding the best IRA. This will include whether you're looking for a Roth IRA or a traditional IRA. You should also know how much money your have available to invest.
Next, you need to determine which provider is best suited for your needs. Some providers offer both, while others can only provide one type of account.
Last, consider the fees associated to each option. Fees vary widely between providers and may include annual maintenance fees and other charges. Some providers charge a monthly cost based on how many shares you own. Others only charge once per quarter.
Which is stronger: 14k gold or sterling silver?
Gold and silver are strong metals, but sterling silver is much less expensive because it contains 92% pure silver rather than just 24%.
Sterling silver, also known as fine or sterling silver, is made of a combination of silver and other metals like copper and zinc.
Gold is considered very strong. It takes tremendous pressure to split it apart. If you dropped an object onto a piece or gold, it would break into thousands instead of two halves.
On the other hand, silver is not nearly as strong as gold. If you dropped something onto a sheet made of silver, it would most likely bend and fold easily without breaking.
Silver is usually used in jewelry and coins. Its value fluctuates based on demand and supply.
How much are gold IRA fees?
An average annual fee for an individual retirement plan (IRA) is $1,000. There are many types to choose from, such as Roth, SEP, SIMPLE, traditional and Roth IRAs. Each type has its own set of rules and requirements. If the earnings are not tax-deferred you could be subject to taxes. Consider how long you will keep the money. If you have a long-term goal of holding on to your money, you'll be able to save more money if you open a Traditional IRA.
A traditional IRA lets you contribute up to $5,500 each year ($6,500 if your age is 50+). A Roth IRA gives you the ability to contribute unlimited amounts per year. The difference is simple. With a traditional IRA you can withdraw the money when you retire and pay no taxes. With a Roth IRA, however, any withdrawals will be subject to taxes.
- SEP-IRA”Simplified employee pension” For self-employed people like independent contractors, freelancers, and small-business ownersSame tax rules as traditional IRASEP IRA contributions in 2022 are limited to 25% of compensation or $66,000, whichever is less4. (sltrib.com)
- Same tax rules as traditional IRA SEP IRA contributions in 2022 are limited to 25% of compensation or $66,000, whichever is less Before setting up a Silver IRA, understand the fees and IRS restrictions. (sltrib.com)
- Silver must be 99.9% pure • (forbes.com)
- You can only purchase gold bars of at least 99.5% purity. (forbes.com)
Precious Metals Approved By the IRA
IRA-approved precious metallics are great investments, whether you want to save for retirement and invest in your next venture. Diversifying your portfolio can protect you from inflation with a variety of options, including silver coins and gold bars.
There are two types of precious metal investment products. Because they are tangible, physical bullion products like bars and coins can be considered assets. However, exchange-traded fund (ETFs), which are financial instruments, track the price movement of an underlying assets, such as gold, and can be purchased directly from the company issuing them. ETFs trade like stocks on stock exchanges, which means investors can buy shares of them directly from the company issuing them.
There are many precious metals to choose from. Silver and gold are frequently used for ornaments and jewelry making, while palladium and platinum are more often associated with luxury items. Palladium is more stable than platinum and therefore better suited for industrial purposes. Although silver is useful for industrial purposes it is preferred for decorative uses.
Because of the costs involved in mining and refining raw material, physical bullion products can be more costly. These products are generally safer and more secure than paper currencies. Consumers may lose faith in the currency and seek out alternatives if the U.S. dollar falls in purchasing power. However, physical bullion products don't rely on trust between nations or companies. They are backed instead by central banks or governments, providing customers with peace of mind.
The supply and demand for gold affect the price of gold. The price of gold will rise if there is more demand. Conversely, a decrease in supply can cause the price to fall. Investors have the opportunity to profit by fluctuations in gold's price. These fluctuations are good for investors who have physical bullion products as they get a better return on their investment.
Unlike traditional investments, precious metals cannot be affected by economic recessions or interest rate changes. The price of gold will rise as long as there is strong demand. Precious metals, which are safe havens for times of uncertainty, are therefore considered to be safe havens.
The most well-known precious metals are:
- Gold – The oldest form of precious metal, gold is also known as “yellow” metal. Gold is a household name but it is rare underground element. Most of the world's gold reserves are in South Africa, Australia, Peru, Canada, Russia, and China.
- Silver – After gold, silver ranks second in precious metals. Silver is mined from the earth's natural resources. However, silver is more commonly extracted from ore than from rock formations. Due to its durability and conductivity as well as its resistance to tarnishing it is widely used for commerce and industry. The United States makes more than 98% all of the global silver production.
- Platinum – Platinum is the third-most valuable precious metal. It can be used in many industrial applications, including fuel cells, catalysts, and high-end medical devices. In dentistry, platinum is used to make bridges, crowns, and fillings.
- Palladium: Palladium is the 4th most valuable precious metallic. Because of its strength as well as stability, its popularity is increasing rapidly among manufacturers. Palladium is also used for electronics, aerospace, military technology and automobiles.
- Rhodium – Rhodium is the fifth most valuable precious metal. Rhodium is an extremely rare metal. However, its use for automotive catalysts makes it highly desirable.
- Ruthenium: Ruthenium is sixth most valuable precious metallic. Although there is a limited supply of palladium and platinum, ruthenium can be found in abundance. It is used in steel making, aircraft engines, and chemical manufacturing.
- Iridium- Iridium, the seventh most precious precious metal, is also known as Iridium. Iridium plays an important role in satellite technology. It is used to construct orbiting satellites that transmit television signals, telephone calls, and other communications.
- Osmium: Osmium is eighth most valuable precious metallic. Osmium is commonly used in nuclear reactors because of its ability to withstand extreme temperatures. Osmium can also be used in jewelry and medicine as well as cutting tools.
- Rhenium- Rhenium, the ninth most precious precious metal, is Rhenium. Rhenium can also be used in rocketry, oil refinement, and semiconductor manufacturing.
- Iodine- Iodine ranks as the tenth most precious precious metal. Iodine is used in photography, radiography, and pharmaceuticals.
By: Jamie Redman
Title: The Decline of BONK: A Rollercoaster Ride for Meme Coin Enthusiasts
Sourced From: news.bitcoin.com/meme-coin-rollercoaster-ride-bonks-value-plummets-amidst-market-turbulence-and-rising-contenders/
Published Date: Sat, 30 Dec 2023 19:30:50 +0000