The Explosive Growth of BONK Coin
The Solana Saga phone has experienced a remarkable turnaround in its market performance, thanks to the explosive growth of the BONK meme coin. Previously struggling to find its market, the Saga phone is now selling for as much as $5,000 on Ebay, far surpassing its reduced price of $599 earlier this summer. This surge in demand is primarily due to the incredible rise of the Solana-based meme coin, BONK, which has seen a surge of over 10,000% in the past two months.
The Saga Phone's Rocky Start
When it was initially released earlier this year with a price tag of $1,000, the Saga phone faced disappointing sales and an uncertain future. Solana founder Anatoly Yakovenko even expressed concerns about the future of Saga due to its lackluster sales figures. However, the recent frenzy surrounding BONK has completely changed the narrative.
BONK Airdrops and Increased Demand
Last week, traders and enthusiasts took notice of a 30 million BONK token airdrop that came with every new Saga phone. As the price of BONK skyrocketed, experiencing a peak surge of over 621% in the past month, the value of the airdrop exceeded the cost of the phone itself. This unexpected turn of events led to a sell-out of Saga phones on the official website.
High Demand and Rising Prices
On Ebay, Saga phones have been selling for over $2,000, with some listings reaching as high as $5,000. This significant increase in demand clearly indicates the market's response to the rising value of BONK and the potential for further appreciation. Buyers are optimistic about the future of the meme coin and are betting on its continued upward trajectory.
Incentivizing Ownership
The success of the BONK phenomenon has attracted the attention of other Solana-based projects. Both Solend, a decentralized finance protocol, and Samoyed Coin, another meme token, have announced plans for airdrops to Saga phone holders. These incentives further encourage ownership of the Saga phone.
The Future of Saga Phones
With the recent success of the Saga phone, many are wondering if there will be a follow-up device in the future. The market response to BONK's rise and the increased demand for Saga phones suggest a positive outlook. Share your thoughts and opinions about this subject in the comments section below.
Frequently Asked Questions
Can I keep a Gold ETF in a Roth IRA
A 401(k) plan may not offer this option, but you should consider other options, such as an Individual Retirement Account (IRA).
A traditional IRA allows for contributions from both employer and employee. Another way to invest in publicly traded companies is through an Employee Stock Ownership Plan.
An ESOP provides tax advantages because employees share ownership of company stock and profits the business generates. The money you invest in the ESOP will be taxed at a lower rate than if it were directly held by the employee.
A Individual Retirement Annuity (IRA), is also available. An IRA allows for you to make regular income payments during your life. Contributions made to IRAs are not taxable.
Can I purchase gold with my self directed IRA?
Your self-directed IRA can be used to purchase gold, but first you need to open an account with a brokerage firm such as TD Ameritrade. You can also transfer funds from another retirement account if you already have one.
The IRS allows individuals up to $5.500 annually ($6,500 if you are married and filing jointly). This can be contributed to a traditional IRA. Individuals can contribute up $1,000 per annum ($2,000 if they are married and jointly) directly to a Roth IRA.
If you do decide to invest in gold, you'll want to consider purchasing physical bullion rather than investing in futures contracts. Futures contracts, which are financial instruments based upon the price of gold, are financial instruments. These financial instruments allow you to speculate about future prices without actually owning the metal. However, physical bullion is real gold or silver bars you can hold in your hands.
Is it a good idea to open a Precious Metal IRA
The most important thing you should know before opening an IRA account is that precious metals are not covered by insurance. You cannot recover any money you have invested. This includes investments that have been damaged by fire, flooding, theft, and so on.
Protect yourself against this type of loss by investing in physical gold or silver coins. These items can be lost because they have real value and have been around for thousands years. You would probably get more if you sold them today than you paid when they were first created.
Consider a reputable business that offers low rates and good products when opening an IRA. Consider using a third-party custody company to keep your assets safe and allow you to access them at any time.
You won't get any returns until you retire if you open an account. Do not forget about the future!
How much gold do you need in your portfolio?
The amount of capital required will affect the amount you make. You can start small by investing $5k-10k. As you grow, you can move into an office and rent out desks. So you don't have all the hassle of paying rent. Only one month's rent is required.
Also, you need to think about the type of business that you are going to run. In my case, I run a website-creation company. Our clients pay us between $1000-2000/month and depending on their order. So if you do this kind of thing, you need to consider how much income you expect from each client.
You won't get a monthly paycheck if you work freelance. This is because freelancers are paid. This means that you may only be paid once every six months.
You must first decide what kind and amount of income you are looking to generate before you can calculate how much gold will be needed.
I recommend starting with $1k-$2k of gold and growing from there.
How much is gold taxed under a Roth IRA
A tax assessment for an investment account will be based on the current market value, and not what you paid initially. All gains, even if you have invested $1,000 in a mutual funds stock, are subject to tax.
The money can be withdrawn tax-free if it's deposited in a traditional IRA (or 401(k)). Capital gains and dividends earn you no tax. This applies only to investments made for longer than one-year.
The rules that govern these accounts differ from one state to the next. Maryland is an example of this. You must withdraw your funds within 60 calendar days of turning 59 1/2. Massachusetts allows you up to April 1st. New York allows you to wait until age 70 1/2. To avoid any penalties, plan your retirement savings and take your distributions as early as possible.
Statistics
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- (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)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
External Links
wsj.com
- Saddam Hussein's InvasionHelped Uncage a Bear in 1990 – WSJ
- You want to keep gold in your IRA at home? It's not legal – WSJ
bbb.org
irs.gov
cftc.gov
How To
Three Ways to Invest In Gold For Retirement
It's crucial to understand where gold fits in your retirement strategy. If you have a 401(k) account at work, there are several ways you can invest in gold. You might also be interested to invest in gold outside the workplace. One example is opening a custodial accounts at Fidelity Investments if an IRA (Individual Retirement Account), if you already own one. Or, if you don't already own any precious metals, you may want to consider buying them directly from a reputable dealer.
These are three easy rules to remember if you invest in gold.
- Buy Gold with Cash – Avoid using credit cards or borrowing money to fund investments. Instead, invest in cash. This will help you to protect yourself against inflation while also preserving your purchasing power.
- Physical Gold Coins You Should Buy – Physical gold coins should be purchased over a paper certificate. It's easier to sell physical gold coins rather than certificates. There are no storage fees for physical gold coins.
- Diversify Your Portfolio. Never place all your eggs in the same basket. By investing in multiple assets, you can spread your wealth. This helps to reduce risk and provides more flexibility when markets are volatile.
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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
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