An Overview of BONK's Recent Performance
The meme coin phenomenon bonk (BONK) has captured the attention of users on the Solana network. However, in the past two weeks, BONK has experienced a significant decline. Over the preceding fortnight, the cryptocurrency witnessed a 41% drop, accompanied by a 20.8% descent in the past week. Since reaching its all-time high (ATH) in mid-December, BONK has plummeted 57%.
The Current State of BONK
As of December 30, 2023, BONK has an intraday trading range of $0.00001387 to $0.00001536. At the time of writing, it is trading at $0.00001446, marking a 4.4% decline over the past day. Despite the recent losses, BONK has still seen significant gains, with a 272% increase over the last 30 days.
However, compared to its all-time high of $0.00003416 per unit on December 15, 2023, BONK's value has dropped by 57%. Nevertheless, BONK remains the third largest meme coin asset by market capitalization, trailing behind DOGE and SHIB. Currently, BONK's overall valuation stands at $887 million, surpassing the market capitalization of the fourth largest meme coin, CORGIAI, which is valued at $633 million.
The Distribution of BONK
As of December 30, 2023, there are 56.02 trillion BONK in circulation, held by 566,773 addresses. The top ten wallets account for 33.72% of the circulating supply, while the top 20 holders command 40.49% of all BONK. The top 100 BONK holders control 55.08% of the supply, with the top address alone holding 11.68%.
The Uncertain Future of BONK
The future trajectory of BONK remains uncertain as the market's whims could either lead to further decline or foster a resurgence. Amidst its current volatility, other meme coins are vying for the spotlight, aiming to replicate BONK's earlier success. As these contenders inch closer, the landscape of meme cryptocurrencies continues to evolve, leaving BONK's fate hanging in the balance amidst this competitive fray.
What are your thoughts on BONK's decline over the last two weeks? Feel free to share your opinions and insights in the comments section below.
Frequently Asked Questions
How is gold taxed by Roth IRA?
Investment accounts are subject to tax based only on their current value and not the amount you originally paid. If you invest $1,000 in mutual funds or stocks and then later sell them, all gains are subjected to taxes.
You don't pay tax if you have the money in a traditional IRA/401k. Dividends and capital gains are exempt from tax. Capital gains only apply to investments more than one years old.
These rules vary from one state to another. Maryland's rules require that withdrawals be taken within 60 days after you turn 59 1/2. You can delay until April 1st in Massachusetts. 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.
What is a Precious Metal IRA and How Can You Benefit From It?
An IRA with precious metals allows you to diversify retirement savings into gold and silver, palladium, rhodiums, iridiums, osmium, or other rare metals. These are called “precious” metals because they're very hard to find and very valuable. They make excellent investments for your money and help you protect your future from inflation and economic instability.
Bullion can be bought via various channels, such as online retailers, large coin dealers and grocery stores.
An IRA for precious metals allows you to directly invest in bullion instead of purchasing stock shares. This means you'll receive dividends every year.
Unlike regular IRAs, precious metal IRAs don't require paperwork or annual fees. You pay only a small percentage of your gains tax. Plus, you can access your funds whenever you like.
Should You Buy Gold?
Gold was once considered an investment safe haven during times of economic crisis. Today, many people are looking to precious metals like gold and avoiding traditional investments like bonds and stocks.
Gold prices have been on an upward trend over recent years, but they remain relatively low compared to other commodities such as oil and silver.
Experts think this could change quickly. They say that gold prices could rise dramatically with another global financial crisis.
They also mention that gold is becoming more popular due to its perceived worth and potential return.
These are some things you should consider when considering gold investing.
- 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. Gold does offer an extra layer of protection for those who reach retirement age.
- Second, ensure you fully understand the risks involved in buying gold. Each offers varying levels of flexibility and security.
- Finally, remember that gold doesn't offer the same level of safety as a bank account. It is possible to lose your gold coins.
If you are thinking of buying gold, do your research. Make sure to protect any gold you already own.
What is the Performance of Gold as an Investment?
Gold's price fluctuates depending on the supply and demand. Interest rates are also a factor.
Due to limited supplies, gold prices are subject to volatility. Additionally, physical gold can be volatile because it must be stored somewhere.
Should You Invest in Gold for Retirement?
The answer will depend on how many dollars you have saved so far and whether you had gold as an investment option at the time. If you are unsure which option to choose, consider investing in both options.
Not only is it a safe investment but gold can also provide potential returns. Retirees will find it an attractive investment.
Gold is more volatile than most other investments. This causes its value to fluctuate over time.
But this doesn't mean you shouldn't invest in gold. Instead, it just means you should factor the fluctuations into your overall portfolio.
Another advantage to gold is that it can be used as a tangible asset. Gold can be stored more easily than stocks and bonds. It can be easily transported.
Your gold will always be accessible as long you keep it in a safe place. Plus, there are no storage fees associated with holding physical gold.
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. As with stocks, your position can be liquidated whenever you require cash. You don't even have to wait until you retire.
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.
You shouldn't buy too little at once. Begin by buying a few grams. Continue adding more as necessary.
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.
Even though gold is not the best investment, it could be an excellent addition to any retirement plan.
- (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)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (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)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- 7 U.S. Code SS7 – Designation Boards of Trade as Contract Markets
- 26 U.S. Code SS 408 – Individual retirement plans
- Gold IRA, Add Sparkle to Your Retirement Nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
A rising trend in gold IRAs
The gold IRA trend is growing as investors seek ways to diversify their portfolios while protecting against inflation and other risks.
Owners of the gold IRA can use it to invest in physical bars and bullion gold. This IRA can be used to grow your wealth tax-free and is an alternative option to stocks and bonds.
Investors can manage their assets with a gold IRA without worrying about market volatility. They can use the gold IRA to protect themselves against inflation and other potential problems.
Investors also enjoy the benefits of owning physical gold, which includes its unique properties such as durability, portability, and divisibility.
Additionally, the gold IRA has many benefits. It allows you to quickly transfer your gold ownership to your heirs. The IRS doesn't consider gold a commodity or currency.
This is why the gold IRA has become increasingly popular with investors looking to provide financial security during times of financial uncertainty.
By: Jamie Redman
Title: The Decline of BONK: A Look at the Recent Performance of the Meme Coin
Sourced From: news.bitcoin.com/meme-coin-rollercoaster-ride-bonks-value-plummets-amidst-market-turbulence-and-rising-contenders/
Published Date: Sat, 30 Dec 2023 19:30:50 +0000