Recent data indicates that despite a general decline in the crypto economy, the meme coin sector has experienced a 3.2% increase in the last 24 hours. This article will explore the recent gains in the meme coin market and highlight notable performers in the sector.
Meme Coin Market Overview
The meme coin cryptocurrency market has seen a 3.2% uptick in value compared to the U.S. dollar, with the sector achieving approximately $1.25 billion in global trade volume over 24 hours. This demonstrates the resilience of meme tokens in a challenging market environment.
Leading Meme Tokens
Dogecoin (DOGE), the leading asset in market capitalization within the meme coin category, experienced a 1.2% rise, and has increased by 2.9% over the previous week. This highlights the enduring popularity and stability of DOGE.
Bonk (BONK), ranking third in the meme coin segment, surged by 9% against the greenback during Sunday's trading period. Moreover, BONK has climbed 44.2% this past week. These impressive gains position BONK as a top performer in the meme coin market.
Meme Token Performances
While some meme tokens experienced positive growth, others faced declines. Shiba Inu (SHIB) recorded a slight decline of 0.1% on Sunday, though it has appreciated 6.4% in the last week. Pepe (PEPE) also experienced a minor decline of 0.5% in the past 24 hours, yet it has shown a notable increase of 9.1% over the week.
Corgiai (CORGIAI) faced a 3.6% drop on Sunday, culminating in a significant 25% decrease in its value over the week. However, Floki (FLOKI) performed relatively well, achieving a 1.6% rise today and a 3.1% uplift throughout the week. These fluctuations demonstrate the volatility of the meme coin market.
Notable Meme Token Gains
Some meme tokens experienced significant gains during Sunday's trading period. Dogwifhat (WFI) surged by 35.9% on Sunday, and it has further risen by 222% over this week. Memecoin (MEME) witnessed a 15.4% increase in the past day and a notable 22.5% growth over the last week. These impressive gains highlight the potential for high returns in the meme coin market.
Declining Meme Tokens
Despite the overall positive trend in the meme coin sector, some tokens experienced declines. Myro (MYRO) declined by 15.3%, Magical Tux (TUX) fell by 12.9%, and Sacabam (SCB) decreased by 11.9% against the U.S. dollar. These declines serve as a reminder of the volatility and risks associated with meme tokens.
In conclusion, the meme coin sector has defied the general decline in the crypto economy with a 3.2% increase. Leading meme tokens like Dogecoin and Bonk have experienced notable gains, while others have faced declines. The meme coin market remains an exciting and dynamic segment within the cryptocurrency industry, offering opportunities for both gains and losses. Share your thoughts and opinions about this subject in the comments section below.
Frequently Asked Questions
What precious metals could you invest in to retire?
Silver and gold are two of the most valuable precious metals. Both are easy to sell and can be bought easily. You should add them to your portfolio if you are looking to diversify.
Gold: Gold is one the oldest forms currency known to man. It is very stable and secure. This makes it a good option to preserve wealth in uncertain times.
Silver: Silver has been a favorite among investors for years. It is an excellent choice for investors who wish to avoid volatility. Silver is more volatile than gold. It tends to rise rather than fall.
Platinium is another precious metal that is becoming increasingly popular. Like gold and silver, it's very durable and resistant to corrosion. It is however more expensive than its counterparts.
Rhodium. Rhodium is used as a catalyst. It is also used to make jewelry. It's also relatively inexpensive compared to other precious metals.
Palladium: Palladium has a similarity to platinum but is more rare. It's also more accessible. For these reasons, it's become a favorite among investors looking to add precious metals to their portfolios.
Should You Invest Gold in Retirement?
The answer depends on how much money you have saved and whether gold was an investment option available when you started saving. Consider investing in both.
Gold offers potential returns and is therefore a safe investment. It's a great investment for retirees.
While many investments promise fixed returns, gold is subject to fluctuations. Its value fluctuates over time.
This doesn't mean that you should not invest in gold. You should just factor the fluctuations into any overall portfolio.
Another advantage of gold is its tangible nature. Gold is more convenient than bonds or stocks because it can be stored easily. It can also be transported.
You can always access your gold if it is stored in a secure place. Physical gold is not subject to storage fees.
Investing in gold can help protect against inflation. You can hedge against rising costs by investing in gold, which tends to rise alongside other commodities.
A portion of your savings can be invested in something that doesn't go down in value. Gold usually rises when the stock market falls.
Investing in gold has another advantage: you can sell it anytime you want. As with stocks, your position can be liquidated whenever you require cash. You don't even need to wait for your retirement.
If you do decide to invest in gold, make sure to diversify your holdings. Don't put all your eggs on one basket.
Don't buy too many at once. Start by purchasing a few ounces. Next, add more as required.
Don't expect to be rich overnight. Instead, the goal is to accumulate enough wealth that you don't have to rely on Social Security.
Gold may not be the most attractive investment, but it could be a great complement to any retirement strategy.
How to open a Precious Metal IRA
First, decide if an Individual Retirement Account is right for you. Once you have decided to open an Individual Retirement Account (IRA), you will need to complete Form 806. To determine which type of IRA you qualify for, you will need to fill out Form 5204. You must complete this form within 60 days of opening your account. Once this has been completed, you can begin investing. You might also be able to contribute directly from the paycheck through payroll deduction.
For a Roth IRA you will need to complete Form 8903. Otherwise, it will be the same process as an ordinary IRA.
To be eligible to have a precious metals IRA you must meet certain criteria. The IRS states that you must be at least 18 and have earned income. For any tax year, your earnings must not exceed $110,000 ($220,000 for married filing jointly). You must also contribute regularly. These rules are applicable whether you contribute through your employer or directly from the paychecks.
You can use a precious-metals IRA to purchase gold, silver and palladium. However, you won't be able purchase physical bullion. You won't have the ability to trade stocks or bonds.
To invest directly in precious metals companies, you can also use precious metals IRA. This option can be provided by some IRA companies.
An IRA is a great way to invest in precious metals. However, there are two important drawbacks. First, they don't have the same liquidity as stocks or bonds. It's also more difficult to sell them when they are needed. Second, they don’t produce dividends like stocks or bonds. You'll lose your money over time, rather than making it.
What is the best precious metal to invest in?
This question depends on how risky you are willing to take, and what return you want. Gold has been traditionally considered a haven investment, but it's not always the most profitable choice. If you are looking for quick profits, gold might not be the right investment. Silver is a better investment if you have patience and the time to do it.
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 or sell gold from my self-directed IRA
Although you can buy gold using your self-directed IRA account, you will need to open an account at a brokerage like TD Ameritrade. You can also transfer funds from another retirement account if you already have one.
The IRS allows individuals contributing up to $5.500 each ($6,500 if married, filing jointly) into a traditional IRA. Individuals are allowed to contribute $1,000 each ($2,000 if married or filing jointly) to a Roth IRA.
If you do decide you want to invest your money in gold, you should look into purchasing physical bullion instead of futures contracts. Futures contracts are financial instruments based on the price of gold. These financial instruments allow you to speculate about future prices without actually owning the metal. But, physical bullion is real bars of gold or silver that you can hold in one's hand.
What are the benefits of having a gold IRA?
The best way to save money for retirement is to place it in an Individual Retirement Account. You can withdraw it at any time, but it is tax-deferred. You are in complete control of how much you take out each fiscal year. There are many types available. Some are better suited for college students. Some are for investors who seek higher returns. Roth IRAs are a way for individuals to make contributions after the age of 59 1/2, and then pay taxes on any earnings upon retirement. However, once they begin withdrawing funds, these earnings are not taxed again. This type of account might be a good choice if your goal is to retire early.
Because it allows you money to be invested in multiple asset classes, a ‘gold IRA' is similar to any other IRAs. Unlike a regular IRA which requires taxes to be paid on gains as you wait to withdraw them, a IRA with gold allows you to invest in multiple asset classes. This makes gold IRA accounts excellent options for people who prefer to keep their money invested instead of spending it.
Another advantage to owning gold via an IRA is the ease of automatic withdraws. This eliminates the need to constantly make deposits. To avoid missing a payment, direct debits can be set up.
Finally, gold remains one of the best investment options today. Its value is stable because it's not tied with any one country. Even during economic turmoil, gold prices tend to stay relatively stable. It is therefore a great choice for protecting your savings against inflation.
What Does Gold Do as an Investment Option?
The supply and demand for gold affect the price of gold. It is also affected by interest rates.
Due to the limited supply of gold, prices for gold are highly volatile. There is also a risk in owning gold, as you must store it somewhere.
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- 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)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (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)
- 7 U.S. Code SS7 – Designation board of trade as contract marketplaces
- 26 U.S. Code SS 408 – Individual retirement plans
- Saddam Hussein's Invasion Helped Uncage a Bear In 1990 – WSJ
- Do you want to keep your IRA gold at home? It's Not Exactly Legal – WSJ
The best way to buy gold (or silver) online
You must first understand the workings of gold before you can purchase it. Gold is a precious metallic similar to Platinum. It's very rare, and it is often used as money for its durability and resistance. It's hard to use, so most people prefer buying jewelry made out of it to actual bars of gold.
Today, there are two types available in gold coins: one is legal tender and the other is bullion. The legal tender coins are issued for circulation in a country. They usually have denominations such as $1, $5, $10, and so on.
Bullion coins should only be used for investment purposes. Inflation can cause their value to increase.
They can't be exchanged in currency exchange systems. One example is that if someone buys $100 worth gold, they get 100 grams with a $100 value. Every dollar spent on gold purchases, the buyer receives one gram of gold.
When looking to buy precious metals, the next thing you should be aware of is where it can be purchased. If you want to purchase gold directly from a dealer, then a few options are available. You can start by visiting your local coin shop. Another option is to go through a reputable site like eBay. You may also be interested in buying gold through private sellers online.
Individuals selling gold at wholesale prices and retail prices are known as private sellers. When selling gold through private sellers, you pay a commission fee of 10% to 15% per transaction. A private seller will usually return less money than a coin shop and eBay. This option can be a good choice for investing in gold because it allows you to control the price.
An alternative option to buying gold is to buy physical gold. Physical gold is much easier to store than paper certificates, but you still have to worry about storing it safely. Physical gold should be stored in an impenetrable container, such a vault and safety deposit box to ensure its safety.
You can either visit a bank, pawnshop or bank to buy gold. A bank will provide you with a loan that allows you to purchase the amount of gold you desire. The pawnshop is a small business that allows customers to borrow money to buy items. Banks typically charge higher interest rates than pawn shops.
You can also ask for help to purchase gold. Selling gold can also be done easily. A company such as GoldMoney.com can help you set up a simple bank account and get paid immediately.
By: Jamie Redman
Title: Meme Tokens Defy Crypto Slump with 3.2% Increase
Sourced From: news.bitcoin.com/meme-coin-market-bucks-crypto-downtrend-with-3-2-rise-led-by-doge-and-bonk-gains/
Published Date: Sun, 14 Jan 2024 20:30:51 +0000