Introduction
The meme coin phenomenon, BONK (BONK), has captured the attention of users on the Solana network. However, in recent weeks, the cryptocurrency has experienced a significant decline, causing concern among investors. In this article, we will explore the recent performance of BONK and discuss its future trajectory in the highly competitive world of meme cryptocurrencies.
The Recent Decline
Over the past two weeks, BONK has witnessed a downturn, with a 41% decline in value. In the past week alone, the coin has seen a descent of 20.8%. This decline comes after BONK reached its all-time high (ATH) in mid-December, only to plummet 57% from that peak.
On December 30, 2023, BONK had an intraday trading range of $0.00001387 to $0.00001536. At the time of writing, it is currently being traded at $0.00001446, representing a 4.4% decline over the past day. Despite these recent losses, BONK is still up by an impressive 272% over the last 30 days.
Comparison to ATH
With the current value of BONK at $0.00001446, it has experienced a 57% decline from its ATH of $0.00003416 per unit on December 15, 2023. Despite this significant loss, BONK remains the third largest meme coin asset by market capitalization, trailing behind DOGE and SHIB. Its overall valuation stands at $887 million, surpassing the market capitalization of the fourth largest meme coin, CORGIAI, which is valued at $633 million.
Supply and Holders
As of December 30, 2023, there are 56.02 trillion BONK in circulation. Additionally, there are 566,773 addresses that hold BONK. 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 total supply, with the top address holding 11.68%.
The Future of BONK
The future trajectory of BONK remains uncertain, as it is heavily influenced by market fluctuations. The current decline could either continue or pave the way for a potential resurgence. However, BONK is no longer the sole player in the meme coin market. Other contenders are emerging, aiming to replicate BONK's earlier success. As the landscape of meme cryptocurrencies continues to evolve, BONK's fate hangs in the balance amidst this competitive fray.
Conclusion
The recent decline of BONK has raised concerns among investors in the meme coin market. While the coin has experienced significant losses over the past two weeks, it still holds a prominent position as the third largest meme coin asset. The future of BONK remains uncertain, and its performance will heavily depend on market dynamics and the emergence of new contenders in the meme coin space.
What are your thoughts on the recent decline of BONK? Feel free to share your opinions and insights in the comments section below.
Frequently Asked Questions
What Does Gold Do as an Investment Option?
The price of gold fluctuates based on supply and demand. Interest rates are also a factor.
Due to their limited supply, gold prices fluctuate. In addition, there is a risk associated with owning physical gold because you have to store it somewhere.
How much should precious metals make up your portfolio?
Before we can answer this question, it is important to understand what precious metals actually are. Precious metals refer to elements with a very high value relative other commodities. This makes them valuable in investment and trading. Gold is by far the most common precious metal traded today.
There are however many other types, including silver, and platinum. While gold's price fluctuates during economic turmoil, it tends to remain relatively stable. It is also not affected by inflation and depression.
The general trend is for precious metals to increase in price with the overall market. But they don't always move in tandem with one another. If the economy is struggling, the gold price tends to rise, while the prices for other precious metals tends to fall. Investors expect lower interest rates which makes bonds less appealing investments.
However, when an economy is strong, the reverse effect occurs. Investors choose safe assets such Treasury Bonds over precious metals. Since these are scarce, they become more expensive and decrease in value.
It is important to diversify your portfolio across precious metals in order to maximize your profit from precious metals investments. Additionally, since the prices of precious metals tend to rise and fall together, it's best to invest in several different types of precious metals rather than just focusing on one type.
What are the pros and disadvantages of a gold IRA
An Individual Retirement Account (IRA), unlike regular savings accounts, doesn't require you to pay tax on interest earned. This makes an IRA great for people who want to save money but don't want to pay tax on the interest they earn. But, this type of investment comes with its own set of disadvantages.
To give an example, if your IRA is withdrawn too often, you can lose all your accumulated funds. You might also not be able to withdraw from your IRA until the IRS deems you to be 59 1/2. If you do withdraw funds, you'll need to pay a penalty.
Another problem is the cost of managing your IRA. Many banks charge between 0.5%-2.0% per year. Others charge management fees that range from $10 to $50 per month.
If you prefer to keep your money outside a bank, you'll need to purchase insurance. Many insurers require that you own at least one ounce of gold before you can make a claim. It is possible that you will be required to purchase insurance that covers losses of up to $500,000.
If you decide to open a gold IRA, it is important to know how much you can use. Some providers limit the amount of gold that you are allowed to own. Others allow you the freedom to choose your own weight.
It is also up to you to decide whether you want to purchase physical gold or futures. Futures contracts for gold are less expensive than physical gold. Futures contracts, however, allow for greater flexibility in buying gold. You can set up futures contracts with a fixed expiration date.
Also, you will need to decide on the type of insurance coverage you would like. The standard policy doesn’t provide theft protection or loss due fire, flood, or earthquake. It does include coverage for damage due to natural disasters. You may consider adding additional coverage if you live in an area at high risk.
Apart from insurance, you should consider the costs of storing your precious metals. Storage costs will not be covered by insurance. In addition, most banks charge around $25-$40 per month for safekeeping.
Before you can open a gold IRA you need to contact a qualified Custodian. A custodian keeps track of your investments and ensures that you comply with federal regulations. Custodians can't sell assets. They must instead keep them for as long as you ask.
After you have decided on the type of IRA that best suits you, you will need to complete paperwork detailing your goals. Your plan should include information about the investments you want to make, such as stocks, bonds, mutual funds, or real estate. The plan should also include information about how much you are willing to invest each month.
After filling in the forms, please send them to the provider. The company will review your application and send you a confirmation letter.
You should consult a financial planner before opening a Gold IRA. Financial planners are experts at investing and can help you determine which type of IRA is best for you. You can also reduce your insurance costs by working with them to find lower-cost alternatives.
Who is entitled to the gold in a IRA that holds gold?
The IRS considers anyone who owns gold to be “a form money” and therefore subject to taxation.
To take advantage of this tax-free status, you must own at least $10,000 worth of gold and have been storing it for at least five years.
Gold can be used to protect against inflation and price volatility. However, it is not a good idea to own gold if you don't intend to use it.
If you are planning to sell your gold someday, it is necessary that you report its value. This can affect the capital gains taxes that you owe when cashing in on investments.
To find out what options you have, consult an accountant or financial planner.
Statistics
- 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)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (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)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.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)
External Links
wsj.com
- Saddam Hussein's Invasion Helped Uncage a Bear In 1990 – WSJ
- Want to Keep Gold in Your IRA at Home? It's not exactly legal – WSJ
law.cornell.edu
- 7 U.S. Code SS7 – Designation of boards for trade as contract markets
- 26 U.S. Code SS 408 – Individual retirement account
bbb.org
forbes.com
- Gold IRA: Add Some Sparkle To Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
How To
How to Keep Physical Gold in an IRA
The best way of investing in gold is to purchase shares from companies that produce gold. But, this approach comes with risks. These companies may not survive the next few years. There is always the chance of them losing their money due to fluctuations of the gold price.
You can also buy gold directly. You'll need to open a bank account, buy gold online from a trusted seller, or open an online bullion trading account. The advantages of this option include the ease of access (you don't need to deal with stock exchanges) and the ability to make purchases when prices are low. It is also easier to check how much gold you have stored. The receipt will show exactly what you paid. You'll also know if taxes were not paid. You also have a lower chance of theft than stocks.
There are however some disadvantages. Bank interest rates and investment funds won't help you. It won't allow you to diversify any of your holdings. Instead, you'll be stuck with what's been bought. Finally, tax man may want to ask where you put your gold.
BullionVault.com is the best website to learn about gold purchases in an IRA.
—————————————————————————————————————————————————————————————–
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
Did you miss our previous article…
https://altcoinirareview.com/the-u-s-department-of-justice-drops-second-trial-against-ftx-founder-sam-bankman-fried/
Related posts:
BONK’s Meteoric Rise: Surpassing PEPE with a 621% Surge and Securing Third Place in the Meme Coin Market
Meme Tokens Slide 55% in 5 Months — DOGE, SHIB Dominate $14.9B Meme Coin Economy by 95%
Saga Phone Resurgence: BONK’s Rise Turns Solana Device Into Hot Commodity
Understanding the Downfall of the Meme Coin Market in 2023
