The meme coin market, once a booming sector, has seen a notable decrease of over $3 billion since the start of 2023. The two main culprits of this fall are none other than Dogecoin (DOGE), the market leader of meme coins, and Shiba Inu (SHIB), both witnessing a significant drop in their market capitalization.
Dogecoin (DOGE): The Struggling Market Leader
Dogecoin, the meme coin that leads the pack, has experienced a decline of $2.46 billion from January onwards, cementing its position as the tenth-largest cryptocurrency asset by overall market cap. Starting 2023 at a market cap of $10.83 billion, DOGE's value has now sunk to $8.37 billion. It's a disheartening decrease, but DOGE still dominates the $13.7 billion meme coin industry by contributing to 61.09% of its total value.
However, the past month hasn't been kind to DOGE. Its value has dipped by 2.8% in the recent week, and it has lost 4.4% of its worth against the U.S. dollar over the month.
Shiba Inu (SHIB): A Close Second in Decline
Shiba Inu (SHIB), another popular meme coin, has also been on a downward trajectory. Over the previous nine months, SHIB's market cap has fallen by approximately $1.22 billion. Despite the decrease, SHIB still holds a significant place in the meme coin market with a market cap of $4.12 billion as of October 15, 2023. It is down from its initial $5.34 billion at the beginning of the year but still constitutes 30% of the $13.7 billion meme coin ecosystem.
Similar to DOGE, SHIB has also experienced a decline in value over the past month. The coin has seen a decrease of 2.8% over the week and a 5.4% drop against the U.S. dollar over the month.
The Rise and Fall of Pepe and Dogelon Mars
While DOGE and SHIB struggle, Pepe (PEPE) brought a slight respite to the meme coin market by adding $284 million to its realm. Despite being introduced in April 2023, PEPE quickly climbed the ranks and at one point, glittered with a near $1.5 billion valuation. Alas, it too took a hit and has seen a drop of $1.216 billion since its market cap peak.
Meanwhile, Dogelon Mars (ELON), once the third-largest meme coin, has seen its market cap dwindle from $164 million to $71 million.
The Meme Coin Market: A Current Overview
As it stands, the meme coin sector registers $370 million in global trade volume amidst a total of $20.27 billion in transactions. This amounts to meme coin trades accounting for 1.824% of the total trade volume on October 15, 2023. The top climbers of the week were Arbdoge AI, Turbo, Kishu Inu, and Jesus Coin. On the other hand, the largest meme coin market losers included Meta Doge, Moma V2, MOG Coin, and Chihuahua Chain.
What's your take on the meme coin market losing $3.2 billion since the start of 2023? We'd love to hear your perspectives on this issue.
Frequently Asked Questions
What is the cost of gold IRA fees
An individual retirement account's average annual fee (IRA) costs $1,000. There are many types available: SIMPLE IRAs (SEP-IRAs), Roth IRAs, Traditional IRAs and Roth IRAs. Each type has their own set of rules. If your investments are not tax-deferred, you might have to pay taxes on the earnings. The amount of time you intend to keep the money must be considered. If you are planning to hold onto your money for a longer time, you will likely save more money opening a Traditional IRA than a Roth IRA.
A traditional IRA allows you to contribute up to $5,500 per year ($6,500 if you're 50 or older). The Roth IRA allows unlimited contributions each 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.
What precious metals do you have that you can invest in for your retirement?
The first step to retirement planning is understanding what you have saved now and where you are saving money. Take a look at everything you own to determine how much you have left. You should list all savings accounts, stocks and bonds, mutual funds certificates of deposit (CDs), annuities, life insurance policies, annuities 401(k), real estate investments, and any other assets like precious metals. Then add up all of these items to determine how much you have available for investment.
If you are younger than 59 1/2, you might want to open a Roth IRA account. While a Roth IRA does not allow you to deduct contributions from taxable income, a traditional IRA allows for that. However, you won't be able to take tax deductions for future earnings.
If you decide that you need more money you'll need another investment account. Start with a regular brokerage.
Which type is best for an IRA?
When selecting an IRA for yourself, the most important thing is to find one that meets your lifestyle and goals. You need to decide whether you want to maximize tax deduction on your contributions, minimize taxes now but pay penalties later, and if you just want to avoid taxes.
If you have little money to invest, the Roth option might make sense. If you plan to continue working beyond age 59 1/2, and pay income taxes on any account withdrawals, the Roth option may be a good choice.
Traditional IRAs might be more beneficial if you are looking to retire early. You'll likely owe income taxes. If you are going to be working beyond 65 years old, the traditional IRA may make more sense because you can withdraw all or part of your earnings without having to pay taxes.
- The IRS also allows American Eagle coins, even though they do not meet gold's 99.5% purity standard. (forbes.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)
- You can only purchase gold bars of at least 99.5% purity. (forbes.com)
- The maximum yearly contribution to an individual's IRAs is currently $6,000 ($7,000 for those 50 years or older), or 100% of earned income, whichever is less. (monex.com)
How to start buying silver with your IRA
How to purchase silver with your IRA – The best way of investing in silver and gold is to directly own physical bullion. Silver coins and bars are the most popular form of investment because they offer diversification, liquidity, and convenience.However, many prefer owning physical bullion over paper certificates or electronic currency.
If you want to buy precious metals like gold and silver, several options are available. You can either buy them directly from their producers like mining companies or refiners. You can buy them directly from the producer or a dealer who purchases and sells bullion.
This article will explain how to invest in silver with an IRA.
- Investing in Gold & Silver through Direct Ownership – The best way to purchase precious metals is to directly go to the source. This is the best way to get bullion right from the source and have it delivered straight to your house. While some investors choose to keep their bullion in their homes, others opt to store it at a storage facility where it's insured and protected. It is important to properly store precious metals when you want it to last. Most storage facilities offer insurance coverage that protects against theft, fire, or damage. You could lose your investments due either to natural disasters, human error, or even insurance. It is always a good idea to store precious metals in safe deposit boxes at banks or credit unions.
- Buying Precious Metals Online – If you'd rather avoid carrying around heavy boxes of precious metal, then one alternative is to buy bullion online. Bullion dealers can sell bullion in various forms, including bars or coins. Coins are available in a variety of sizes, shapes, designs, and colors. Coins are generally lighter than bars and easier to transport. There are many different sizes and weights available for bars. Some bars are heavy and weigh hundreds of pounds while others only weigh a few grams. When choosing which bar to buy, it is important to consider what you will use it for. If you plan on giving it as gifts, you might choose something smaller. It might not be the best choice if you're looking to add it in your collection or display it proudly.
- Buying Precious metal from Dealers-A third option is buying bullion through a dealer. Most dealers only specialize in one type of market, either silver or gold. Some dealers specialize in particular types of bullion like rounds or minted currency. Others specialize in specific regions. Others specialize in bulk buying. You will be able to find competitive prices and simple payment options no matter who dealer you choose.
- Buy Precious Metallics from Retirement Accounts. While technically not an “investment”, it's possible to invest in retirement accounts to gain exposure. You must make investments in precious metals via a qualified retirement account to be eligible for Section 219 tax benefits. These accounts include IRAs. These accounts are designed to help you save for retirement and often provide higher returns than other investment vehicles. These accounts also allow you to diversify across multiple metals. The problem? Investments in retirement accounts aren't available to everyone. Only people who work for employers that sponsor them can invest in these accounts.
By: Jamie Redman
Title: The Meme Coin Market: A $3 Billion Devaluation Since 2023
Sourced From: news.bitcoin.com/meme-coin-market-plummets-3-2-billion-in-2023-dogecoin-and-shiba-inu-lead-declines/
Published Date: Sun, 15 Oct 2023 13:30:18 +0000