BONK Takes the Lead in the Meme Coin Market
In recent weeks, the meme-inspired cryptocurrency bonk (BONK) has seen remarkable growth against the U.S. dollar, surpassing pepe (PEPE) to become the third largest meme coin by market capitalization. Within just a month, BONK, which is built on the Solana blockchain, has surged by an impressive 621% in value against the greenback.
The Journey of BONK: From $1.21 Million to $1.23 Billion
Since its launch on December 25, 2022, BONK has quickly established itself as a market leader in terms of 30-day gains. Initially valued at $1.21 million, the meme coin's market capitalization has now skyrocketed to a staggering $1.23 billion, representing a thousandfold increase in value over the past year. Currently, BONK proudly holds the position of the third-largest meme coin, surpassing PEPE.
Impressive Surge and Recent Performance
BONK's remarkable surge of 621% in the past month has been particularly notable, with 325% of this growth occurring within the last two weeks alone. Although BONK experienced a 14% decline in the past 24 hours, its value increased by 82% just this week. As a dog-themed meme token residing on the Solana blockchain, BONK aligns perfectly with the broader meme coin movement in the cryptocurrency sector.
The Role of Solana and Distribution of BONK
To revitalize liquidity on the SOL chain, a significant portion of BONK's supply was distributed to Solana artists, collectors, and developers. The team behind BONK has chosen to remain anonymous, and while there is no white paper available to delve into the project's complexities, the coin's presence is primarily felt through social media platforms, particularly X (formerly Twitter), and its official website bonkcoin.com.
Currently, data from the rich list reveals that BONK is possessed by 519,773 unique Solana-based addresses. The distribution of BONK is relatively concentrated, with the top ten wallets holding 32.99% of the supply. The top 20 wallets control 39.93% of the supply, while the top 100 holders own 54.86% of all circulating BONK. As of December 17, 2023, there are 56.02 trillion BONK tokens in existence on the Solana chain.
The Future of BONK and the Solana Ecosystem
Like many crypto assets, especially meme coins, the trajectory of BONK remains unpredictable. While it has undoubtedly played a role in reigniting interest in the Solana ecosystem, its long-term success will depend on ongoing community involvement and the broader market dynamics. The rising popularity of BONK has even led to the sell-out of the Solana smartphone. Solana co-founder Raj Gokal has reported significant growth in Saga sales, revealing a more than tenfold increase within 48 hours on December 14.
What are your thoughts on the crypto industry's fascination with BONK? Feel free to share your opinions and insights on this subject in the comments section below.
Frequently Asked Questions
How to Open a Precious Metal IRA?
The first step in opening an Individual Retirement Account, (IRA), is to decide if it's something you want. Open the account by filling out Form 8606. You will then need to complete Form 5204 in order to determine which type IRA you are eligible. This form should be completed within 60 days after opening the account. You can then start investing once you have this completed. You may also choose to contribute directly from your paycheck using payroll deduction.
Complete Form 8903 if your Roth IRA option is chosen. Otherwise, it will be the same process as an ordinary IRA.
To qualify for a precious Metals IRA, there are specific requirements. The IRS stipulates that you must have earned income and be at least 18-years old. You cannot earn more than $110,000 annually ($220,000 if married filing jointly) in any one tax year. And, you have to make contributions regularly. These rules apply regardless of whether you are contributing directly to your paychecks or through your employer.
An IRA for precious metals allows you to invest in gold and silver as well as platinum, rhodium, and even platinum. However, physical bullion will not be available for purchase. You won't have the ability to trade stocks or bonds.
There are two main drawbacks to investing through an IRA in precious metallics. First, they are not as liquid or as easy to sell as stocks and bonds. It is therefore harder to sell them when required. Second, they are not able to generate dividends as stocks and bonds. You'll lose your money over time, rather than making it.
Are gold investments a good idea for an IRA?
Any person looking to save money is well-served by gold. It can be used to diversify your portfolio. But gold has more to it than meets the eyes.
It has been used throughout the history of currency and remains a popular payment method. It is often called “the most ancient currency in the universe.”
Gold, unlike other paper currencies created by governments is mined directly from the earth. It is very valuable, as it is rare and hard to create.
Gold prices fluctuate based on demand and supply. The economy that is strong tends to be more affluent, which means there are less gold miners. The result is that gold's value increases.
On the other hand, people will save cash when the economy slows and not spend it. This increases the production of gold, which in turn drives down its value.
This is why gold investment makes sense for both individuals and businesses. If you have gold to invest, you will reap the rewards when the economy expands.
In addition to earning interest on your investments, this will allow you to grow your wealth. In addition, you won’t lose any money if gold falls in value.
Which precious metals are best to invest in retirement?
These precious metals are among the most attractive investments. Both can be easily bought and sold, and have been around since forever. Consider adding them to the list if you're looking to diversify and expand your portfolio.
Gold: The oldest form of currency known to man is gold. It is very stable and secure. It's a great way to protect wealth in times of uncertainty.
Silver: Silver has always been popular among investors. It's an ideal choice for those who prefer to avoid volatility. Silver is more volatile than gold. It tends to rise rather than fall.
Platinium: Another form of precious metal is platinum, which is becoming more popular. It's like silver or gold in that it is durable and resistant to corrosion. It's however much more costly than any of its counterparts.
Rhodium – Rhodium is used to make catalytic conversions. It's also used in jewelry making. And, it's relatively cheap compared to other types of precious metals.
Palladium – Palladium is an alternative to platinum that's more common but less scarce. It is also cheaper. It's a popular choice for investors who want to add precious metals into their portfolios.
Which precious metal is best to invest in?
This question is dependent on the amount of risk you are willing and able to accept as well as the type of return you desire. Gold has been traditionally considered a haven investment, but it's not always the most profitable choice. You might not want to invest in gold if you're looking for quick returns. If you have time and patience, you should consider investing in silver instead.
If you don't care about getting rich quickly, gold is probably the way to go. However, silver might be a better option if you're looking for an investment that provides steady returns over long periods.
Can I buy gold using 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.
Individuals can contribute as much as $5,500 per year ($6,500 if married filing jointly) to a traditional IRA. Individuals can contribute up to $1,000 annually ($2,000 if married and filing jointly) directly to a Roth IRA.
You might want to purchase physical bullion, rather than futures contracts if you are going to invest in gold. Futures contracts are financial instruments that are based on gold's price. 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.
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- 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)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
- Gold IRA, Add Sparkle to Your Retirement Nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
Gold Roth IRA guidelines
You should start investing early to ensure you have enough money for retirement. You should start as soon as you are eligible (usually at age 50) and continue saving throughout your career. You must contribute enough each year to ensure that you have adequate growth.
You may also wish to take advantage of tax-free investments such as a SIMPLE IRA, SEP IRA, and traditional 401(k). These savings vehicles allow you to make contributions without paying taxes on earnings until they are withdrawn from the account. These savings vehicles can be a great option for individuals who don't qualify for employer matching funds.
The key is to save regularly and consistently over time. You'll miss out on any potential tax benefits if you're not contributing the maximum amount allowed.
By: Jamie Redman
Title: BONK: The Astonishing Rise of Solana-Based Meme Coin
Sourced From: news.bitcoin.com/bonks-meteoric-rise-outpaces-pepe-with-621-surge-secures-third-place-in-meme-coin-market/
Published Date: Sun, 17 Dec 2023 18:00:49 +0000