Five months ago, the top meme cryptocurrencies by market valuation were valued at $33.7 billion and today, the meme coin economy is 55% lower, down to $14.9 billion on September 23. During the last month, dogecoin lost 12.8% in value, and shiba inu is down 19.4% against the U.S. dollar in 30 days.
Dogecoin, Shiba Inu, Baby Doge Coin Dip Lower Losing Between 12.8% and 19.4%
Today, the meme coin economy is worth nearly 15 billion U.S. dollars and out of dozens of meme tokens, 25 of them have the term “doge” in their name. 18 of the tokens have the name “shiba” and 30 crypto meme coins have the term “dog” in their name.
The oldest and largest meme crypto asset, in terms of market capitalization, dogecoin (DOGE), is still a heavy hitter in the world of cryptocurrencies. DOGE is the tenth largest crypto coin by market capitalization as it’s valued at $7.97 billion. Out of the entire meme token economy, dogecoin’s market cap is 53.48% of the $14.9 billion.
The second largest meme token is shiba inu (SHIB) with its $6.33 billion market valuation. SHIB’s market cap represents 42.48% of the entire meme coin economy and it’s ranked 13 among the 12,983 crypto assets in existence. Between DOGE and SHIB, the two meme tokens dominate the $14.9 billion in crypto meme coins by 95.96%.
Out of the entire crypto economy worth $965 billion today, the DOGE and SHIB market caps combined equate to 1.483% on Friday, September 23, 2022. The third largest meme coin asset is baby doge coin (BABYDOGE), but its market cap is much smaller at $178.90 million.
BABYDOGE’s market valuation equates to 1.2% of the entire crypto meme economy. During the last two weeks, baby doge coin lost 3.3% and over the past month, the meme token is down 16.4%.
Five months ago, the meme coin economy was in much better standings and was coasting along at $33.7 billion at the time. Today, at $14.9 billion, the meme coin economy has lost 55% in USD value since then.
While DOGE, SHIB, and BABYDOGE had a lackluster week, a handful of meme tokens saw double-digit gains this past week. For instance, iotexshiba (IOSHIB) is up 48.3%, metadoge (METADOGE) has climbed 47.9%, and boss (BOSS) has risen 43.2% against the U.S. dollar in seven days.
In terms of meme coin token losers this week, duckereum (DUCKER) lost 32.8%, shibaken finance (SHIBAKEN) shed 27.6%, and hoge finance (HOGE) is down 24.8%.
What do you think about the meme coin economy’s recent price action? Let us know what you think about this subject in the comments section below.
Frequently Asked Questions
Should You Buy or Sell Gold?
In the past, gold was considered a haven for investors during economic turmoil. Many people today are moving away from stocks and bonds to look at precious metals, such as gold, as a way to diversify their investments.
The gold price has been in an upward trend for the past few years, but it remains relatively low compared with other commodities like silver or oil.
Some experts think that this could change in the near future. They believe gold prices could increase dramatically if there is another global financial crises.
They also pointed out that gold is gaining popularity due to its perceived value, and potential return.
These are some important things to remember if your goal is to invest in gold.
- Consider whether you will actually need the money that you are saving for retirement. It is possible to save enough money to retire without investing in gold. However, when you retire at age 65, gold can provide additional protection.
- Second, ensure you fully understand the risks involved in buying gold. Each offer varying degrees of security and flexibility.
- Remember that gold is not as safe as a bank account. Your gold coins may be lost and you might never get them back.
If you are thinking of buying gold, do your research. Make sure to protect any gold you already own.
Is buying gold a good way to save money for retirement?
Although gold investment may not seem appealing at first glance due to the high average global gold consumption, it's worth considering.
Physical bullion bar is the best way to invest in precious metals. But there are many other options for investing in gold. The best thing to do is research all options thoroughly and then make an informed decision based on what you want from your investments.
If you're not looking to secure your wealth, it may be worth considering purchasing shares in mining equipment or companies that extract gold. If you need cash flow from an investment, purchasing gold stocks is a good choice.
You can also put your money in exchange traded funds (ETFs). These funds allow you to be exposed to the price and value of gold by holding gold related securities. These ETFs can include stocks of precious metals refiners and gold miners.
What are the fees for an IRA that holds gold?
Six dollars per month is the fee for an Individual Retirement Account (IRA). This includes the account maintenance fees and any investment costs associated with your chosen investments.
You may have to pay additional fees if you want to diversify your portfolio. The type of IRA you choose will determine the fees. For example, some companies offer free checking accounts but charge monthly fees for IRA accounts.
Many providers also charge annual management fees. These fees vary from 0% to 11%. The average rate for a year is.25%. These rates can be waived if the broker is TD Ameritrade.
Are You Ready to Invest in Gold?
It depends on how much you have saved and if gold was available at the time you started saving. If you are unsure of which option to invest in, consider both.
In addition to being a safe investment, gold also offers potential returns. This makes it a worthwhile choice for retirees.
Although most investments promise a fixed rate of return, gold is more volatile than others. Because of this, gold's value can fluctuate over time.
This does not mean you shouldn’t invest in gold. It is important to consider the fluctuations when planning your 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 be easily transported.
Your gold will always be accessible as long you keep it in a safe place. Physical gold is not subject to storage fees.
Investing in gold can help protect against inflation. It's a great way to hedge against rising prices, as gold prices tend to increase along with other commodities.
Also, you'll reap the benefits of having some savings invested in something with a stable value. Gold usually rises when the stock market falls.
Gold investment has another advantage: You can sell it anytime. You can also liquidate your gold position at any time you need cash, just like stocks. It doesn't matter if you are retiring.
If you do decide to invest in gold, make sure to diversify your holdings. You shouldn't try to put all of your eggs into one basket.
Do not buy too much at one time. Start with a few ounces. Continue adding more as necessary.
It's not about getting rich fast. 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 is gold taxed in Roth IRA?
An investment account's tax is calculated based on the current value of the account, and not on what you paid originally. If you invest $1,000 in mutual funds or stocks and then later sell them, all gains are subjected to taxes.
If you place the money in a traditional IRA, 401(k), or other retirement plan, there is no tax when you take it out. You pay taxes only on earnings from dividends and capital gains — which apply only to investments held longer than one year.
The rules that govern these accounts differ from one state to the next. Maryland's rules require that withdrawals be taken within 60 days after you turn 59 1/2. Massachusetts allows you up to April 1st. New York has a maximum age limit of 70 1/2. To avoid penalties, plan ahead so you can take distributions at the right time.
How much money should my Roth IRA be funded?
Roth IRAs allow you to deposit your money tax-free. You can't withdraw money from these accounts before you reach the age of 59 1/2. You must adhere to certain rules if you are going to withdraw any of your contributions prior. First, you cannot touch your principal (the original amount deposited). This means that regardless of how much you contribute to an account, you cannot take out any more than you initially contributed. If you wish to withdraw more than you originally contributed, you will have to pay taxes.
The second rule is that your earnings cannot be withheld without income tax. When you withdraw, you will have to pay income tax. Let's take, for example, $5,000 in annual Roth IRA contributions. Let's also say that you earn $10,000 per annum after contributing. This would mean that you would have to pay $3,500 in federal income tax. The remaining $6,500 is yours. This is the maximum amount you can withdraw because you are limited to what you initially contributed.
Therefore, even if you take $4,000 out of your earnings you still owe taxes on $1,500. You'd also lose half the earnings that you took out, as they would be subject to a second 50% tax (half of 40%). So, even though you ended up with $7,000 in your Roth IRA, you only got back $4,000.
There are two types if Roth IRAs, Roth and Traditional. Traditional IRAs allow for pre-tax deductions from your taxable earnings. When you retire, you can use your traditional IRA to withdraw your contribution balance plus interest. There is no limit on how much you can withdraw from a traditional IRA.
Roth IRAs won't let you deduct your contributions. After you have retired, the full amount of your contributions and accrued interest can be withdrawn. There is no minimum withdrawal amount, unlike traditional IRAs. Your contribution can be withdrawn at any age, not just when you reach 70 1/2.
Can the government steal your gold?
Your gold is yours and the government cannot take it. You earned it through hard work. It belongs to your. However, there may be some exceptions to this rule. You could lose your gold if convicted of fraud against a federal government agency. You can also lose precious metals if you owe taxes. However, even though your taxes have not been paid, you can still keep your precious metals, even though they are considered the property of United States Government.
Statistics
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- You can only purchase gold bars at least 99.5% purity. (forbes.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)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
External Links
forbes.com
- Gold IRA, Add Sparkle to Your Retirement Nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
bbb.org
cftc.gov
investopedia.com
How To
Online buying gold and silver is the best way to purchase it.
First, understand the basics of gold. Gold is a precious metal 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. Legal tender coins are minted for circulation in a country and usually include denominations like $1, $5, $10, etc.
Bullion coins are minted for investment purposes only, and their values increase over time due to inflation.
They are not exchangeable in any currency exchange system. 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. You have a few options to choose from if you are looking to buy gold directly through a dealer. First, you can visit your local coin store. Another option is to go through a reputable site like eBay. You might also consider buying gold from an online private seller.
Private sellers are individuals who offer to sell gold at retail or wholesale prices. When selling gold through private sellers, you pay a commission fee of 10% to 15% per transaction. You would receive less money from a private buyer than you would from a coin store or eBay. This option is often a great choice for investing gold as it allows you more control over its price.
You can also invest in gold physical. You can store physical gold much more easily than you can with paper certificates. However, it still needs to be safe. Physical gold must be kept safe in an impassible container, such as a vault.
You can either visit a bank, pawnshop or bank to buy gold. A bank will be able to provide you with a loan for the amount of money you want to invest in gold. Small establishments that allow customers to borrow money for items they have brought are called pawnshops. Banks usually charge higher interest rates that pawn shops.
A third way to buy gold? Simply ask someone else! Selling gold is easy too. 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 Slide 55% in 5 Months — DOGE, SHIB Dominate $14.9B Meme Coin Economy by 95%
Sourced From: news.bitcoin.com/meme-tokens-slide-55-in-5-months-doge-shib-dominate-14-9b-meme-coin-economy-by-95/
Published Date: Fri, 23 Sep 2022 13:30:04 +0000
