Emerging data uncovers a significant contraction in the meme coin market, with a staggering $3 billion loss in value since the onset of 2023. This decline is led by the market cap frontrunner in the meme coin arena, Dogecoin (DOGE), which has registered a downturn of $2.46 billion since January. Shiba Inu (SHIB), another prominent player, also noted an approximate slide of $1.22 billion throughout the last nine months.
Pepe's Gains Amidst Overall Meme Token Slump
Despite the general downturn, Pepe (PEPE) managed to add $284 million to its value, securing its position as the third most valuable meme coin by market cap. However, the overall meme token market has suffered a $3.2 billion depreciation. Just nine months ago, this market boasted a robust $16.9 billion value, which has now declined by 18.93% to $13.7 billion.
Dogecoin: The Undisputed Meme Coin Leader
The crown for the leading meme coin still rests with Dogecoin (DOGE), which also occupies the tenth position among all crypto assets in terms of overall market cap. DOGE started 2023 with a hefty $10.83 billion valuation, which currently stands at $8.37 billion, marking a $2.46 billion reduction. Despite the decrease, DOGE continues to dominate the $13.7 billion meme token market, accounting for 61.09% of its total value.
Recent Market Trends for DOGE and SHIB
Over the recent week, DOGE recorded a 2.8% drop, while a monthly analysis shows a 4.4% dip against the U.S. dollar. Shiba Inu also mirrored this trend with a 2.8% decline in the past week and a 5.4% decrease over the last month compared to the U.S. dollar. Shiba Inu's market cap was found to be $4.12 billion on October 15, 2023, down from $5.34 billion at the beginning of the year. Remarkably, SHIB still represents 30% of the $13.7 billion meme token market.
Pepe and Dogelon Mars: The Rise and Fall
At the start of the year, Pepe was not even part of the meme coin landscape, and Dogelon Mars (ELON) held the third-largest market cap. Back then, ELON was valued around $164 million, which has now receded to $71 million. Pepe, which was introduced in April 2023, initially shone bright with a near $1.5 billion valuation. However, it has since seen a significant drop of $1.216 billion from its peak market cap.
Global Trade Volume in the Meme Coin Market
As of now, the meme coin market records $370 million in global trade volume amidst an impressive total of $20.27 billion in transactions. This means meme coin trades account for 1.824% of the total trade volume as of October 15, 2023. The day saw some meme coins like Arbdoge Ai, Turbo, Kishu Inu, and Jesus Coin making strides, while Meta Doge, Moma V2, Mog Coin, and Chihuahua Chain faced losses.
What is your take on the meme coin market shedding $3.2 billion since the beginning of 2023? Express your views and insights on this topic below.
Frequently Asked Questions
What are the pros & con's of a golden IRA?
An Individual Retirement account (IRA) is a better option than regular savings accounts in that interest earned is exempted from tax. An IRA is a good choice for those who want a way to save some money but don’t want the tax. However, there are also disadvantages to this type of investment.
For example, if you withdraw too much from your IRA once, you could lose all your accumulated funds. The IRS may prohibit you from withdrawing funds from your IRA before you are 59 1/2 years of age. If you do withdraw funds, you'll need to pay a penalty.
You will also need to pay fees for managing your IRA. Most banks charge 0.5% to 2.0% per annum. Others charge management fees that range from $10 to $50 per month.
Insurance will be required if you would like to keep your cash out of banks. Many insurers require that you own at least one ounce of gold before you can make a claim. You may be required by some insurers to purchase insurance that covers losses as high as $500,000.
You will need to decide how much gold you wish to use if you opt for a gold IRA. Some providers limit the amount of gold that you are allowed to own. Others allow you the freedom to choose your own weight.
It's also important to decide whether or not to buy gold futures contracts. Physical gold is more costly than gold futures. However, futures contracts give you flexibility when buying gold. Futures contracts allow you to create a contract with a specified expiration date.
It is also important to choose the type of insurance coverage that you need. The standard policy does not include theft protection or loss caused by fire, flood, earthquake. However, it does cover damage caused by natural disasters. If you live in a high-risk area, you may want to add additional coverage.
In addition to insurance, you'll need to consider the cost of storing your gold. Insurance won't cover storage costs. For safekeeping, banks typically charge $25-40 per month.
You must first contact a qualified custodian before you open a gold IRA. A custodian helps you keep track of your investments, and ensures compliance with federal regulations. Custodians cannot sell your assets. They must instead keep them for as long as you ask.
Once you've decided which type of IRA best suits your needs, you'll need to fill out paperwork specifying your goals. Information about your investments such as stocks and bonds, mutual fund, or real property should be included in your plan. The plan should also include information about how much you are willing to invest each month.
Once you have completed the forms, you will need to mail them to your provider with a check and a small deposit. The company will then review your application and mail you a letter of confirmation.
A financial planner is a good idea when opening a gold IRA. Financial planners have extensive knowledge in investing and can help determine the best type of IRA to suit your needs. They can also help reduce your costs by suggesting cheaper options for purchasing insurance.
Should you open a Precious Metal IRA
Precious metals are not insured. This is the most important fact to know before you open an IRA account. If you lose money in your investment, nothing can be done to recover it. This includes any loss of investments from theft, fire, flood or other circumstances.
You can protect yourself against such losses by purchasing physical gold and silver coins. These items can be lost because they have real value and have been around for thousands years. They are likely to fetch more today than the price you paid for them in their original form.
Choose a reputable company with competitive rates and quality products if you are looking to open an IRA. Consider using a third-party custody company to keep your assets safe and allow you to access them at any time.
Remember that you will not see any returns unless you are retired if you open an Account. Remember the future.
Should You Invest in gold for Retirement?
This will depend on how much money and whether you were able to invest in gold at the time that you started saving. If you're unsure about which option to choose then consider investing in both.
Gold is a safe investment and can also offer potential returns. It's a great investment for retirees.
While most investments offer fixed rates of return, gold tends to fluctuate. Its value fluctuates over time.
However, it doesn't necessarily mean that you shouldn't invest your money 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 is also easily portable.
You can always access gold as long your place it safe. There are no storage charges for holding physical gold.
Investing in gold can help protect against inflation. Because gold prices tend to rise along with other commodities, it's a good way to hedge against rising costs.
Also, you'll reap the benefits of having some savings invested in something with a stable value. Gold usually rises when stocks fall.
Another advantage to investing in gold is the ability to sell it whenever you wish. Just like stocks, you can liquidate your position whenever you need cash. You don't have to wait for retirement.
If you do decide to invest in gold, make sure to diversify your holdings. Do not put all your eggs in one basket.
Don't buy too many at once. Start small, buying only a few ounces. Then add more as needed.
The goal is not to become rich quick. Rather, it's to build up enough wealth so you won't need to rely on Social Security benefits.
Gold may not be the most attractive investment, but it could be a great complement to any retirement strategy.
Can I have 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).
Traditional IRAs allow for contributions from both employees and employers. Another option is to invest in publicly traded corporations with an Employee Stockownership Plan (ESOP).
An ESOP offers tax benefits because employees can share in the company stock and any profits that it generates. The money invested in ESOPs is taxed at a lower rate that if it were owned directly by an employee.
An Individual Retirement Annuity (IRA) is also available. You can make regular payments to your IRA throughout your life, and you will also receive income when you retire. Contributions to IRAs will not be taxed
- You can only purchase gold bars at least 99.5% purity. (forbes.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)
- 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)
- Yahoo Finance – Barrick Gold Corporation Stock Price, News & Quote – Barrick Gold Corporation (GOLD).
- Saddam Hussein's InvasionHelped Uncage a Bear In 90 – WSJ
- Are you interested in keeping gold in your IRA at-home? It's not exactly legal – WSJ
- 7 U.S. Code SS7 – Designation of boards for trade as contract markets
- 26 U.S. Code SS 408 – Individual retirement account
- Gold IRA – Add Sparkle to Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
Tips for Investing Gold
Investing in Gold has become a very popular investment strategy. There are many advantages to investing in Gold. There are many ways to invest gold. Some people choose to purchase gold coins physically, while some prefer to invest with gold ETFs.
Before you purchase any type or gold, here are some things to think about.
- First, check to see if your country permits you to possess gold. If you have permission to possess gold in your country, you can then proceed. You might also consider buying gold in foreign countries.
- You should also know the type of gold coin that you desire. There are many options for gold coins: yellow, white, and rose.
- You should also consider the price of gold. It is best to begin small and work your ways up. One thing that you should never forget when purchasing gold is to diversify your portfolio. Diversifying your portfolio should be a priority, including stocks, bonds and real estate.
- Don't forget to keep in mind that gold prices often change. Keep an eye on current trends.
By: Jamie Redman
Title: Unraveling the Downslide of Meme Coin Market in 2023: An Analysis
Sourced From: news.bitcoin.com/meme-coin-market-plummets-3-2-billion-in-2023-dogecoin-and-shiba-inu-lead-declines/
Published Date: Sun, 15 Oct 2023 13:30:18 +0000