Meme Tokens Achieve Growth Amidst Decline in Crypto Economy
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. Notably, dogecoin and bonk have observed respective surges of 1.2% and 9%. Additionally, Sunday saw several meme tokens achieving gains in the double digits.
Meme Coin Market Sees Uptick in Value
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. 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.
Individual Performance of Meme Tokens
In contrast, shiba inu (SHIB) recorded a slight decline of 0.1% on Sunday, though it has appreciated 6.4% in the last week. 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.
Pepe (PEPE) 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. Floki (FLOKI) performed relatively well, achieving a 1.6% rise today and a 3.1% uplift throughout the week. The meme coin 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. However, not all meme tokens have shared in this upward trend; 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. Currently, the meme coin market's net value stands at $21.94 billion, following the 3.2% rise. The meme coin sector now represents 1.24% of the total value of the crypto economy.
Share Your Thoughts
What do you think about the meme coin sector's gains on Sunday? Share your thoughts and opinions about this subject in the comments section below.
Frequently Asked Questions
How much should precious metals be included in your portfolio?
To answer this question we need to first define precious metals. Precious elements are those elements which have a high price relative to other commodities. This makes them extremely valuable for trading and investing. Gold is today the most popular precious metal.
But, there are other types of precious metals available, including platinum and silver. The price of gold fluctuates, but it generally remains stable during times of economic turmoil. It is also not affected by inflation and depression.
In general, all precious metals have a tendency to go up with the market. But they don't always move in tandem with one another. When the economy is in trouble, for example, gold prices tend to rise while other precious metals fall. Investors expect lower interest rate, making 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.
To maximize your profits when investing in precious metals, diversify across different precious metals. Furthermore, because the price of precious Metals fluctuates, it is best not to focus on just one type of precious Metals.
Should You Buy Gold?
Gold was a safe investment option for those who were in financial turmoil. However, today many people are turning away from traditional investments such as stocks and bonds and instead looking toward precious metals such as gold.
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.
Some experts believe that this could change very soon. They believe gold prices could increase dramatically if there is another global financial crises.
They also mention that gold is becoming more popular due to its perceived worth and potential return.
If you are considering investing in gold, here are some things that you need to keep in mind.
- Consider first whether you will need the money to save for retirement. It is possible to save for retirement while still investing your gold savings. The added protection that gold provides when you retire is a good option.
- You should also be aware of what you are getting into before you buy gold. There are many types of gold IRA accounts. Each offer varying degrees of security and flexibility.
- Finally, remember that gold doesn't offer the same level of safety as a bank account. It is possible to lose your gold coins.
You should do your research before buying gold. If you already have gold, make sure you protect it.
Do you need to open a Precious Metal IRA
Before opening an IRA, it is important to understand that precious metals aren't covered by insurance. You cannot recover any money you have invested. This includes all investments that are lost to theft, fire, flood, or other causes.
Protect yourself against this type of loss by investing in physical gold or 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.
Consider a reputable business that offers low rates and good products when opening an IRA. You should also consider using a third party custodian to protect your assets and give you access at any time.
If you decide to open an account, remember that you won't see any returns until after you retire. Keep your eyes open for the future.
What is a Precious Metal IRA, and how can you get one?
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.
Precious metals are often referred to as “bullion.” Bullion refers simply to the physical metal.
You can buy bullion through various channels, including online retailers, large coin dealers, and some grocery stores.
A precious metal IRA allows you to invest directly in bullion, rather than buying stock shares. This ensures that you will receive dividends each and every year.
Precious Metal IRAs don’t require paperwork nor have annual fees. Instead, your gains are subject to a small tax. You also have unlimited access to your funds whenever and wherever you wish.
Who holds the gold in a gold IRA?
The IRS considers an individual who owns gold as holding “a form of money” subject to taxation.
To be eligible for the tax-free status, you must possess at least $10,000 gold and have had it stored for at least five consecutive years.
The purchase of gold can protect you from inflation and price volatility. But it's not smart to hold it if your only intention is 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
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.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)
- 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)
- (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
law.cornell.edu
- 7 U.S. Code SS7 – Designation boards of trade as contract market authorities
- 26 U.S. Code SS 408 – Individual retirement account
wsj.com
- Saddam Hussein’s InvasionHelped Uncage a Bear In 1989 – WSJ
- Want to Keep Gold in Your IRA at Home? It's not exactly legal – WSJ
forbes.com
- Gold IRA: Add Some Sparkle To Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
investopedia.com
How To
The best place to buy silver or gold online
First, understand the basics of gold. Precious metals like gold are similar to platinum. It's very rare and is used as money because of its durability and resistance to corrosion. It's difficult to use, so most people prefer purchasing jewelry made from it rather than actual bars.
Two types of gold coins are available today: the legal tender type and the bullion type. Legal tender coins are those that are intended for circulation in a country. They typically have denominations of $1, $5 or $10.
Bullion coins should only be used for investment purposes. Inflation can cause their value to increase.
They are not exchangeable in any currency exchange system. If a person purchases $100 worth of gold, 100 grams of the gold will be given to him/her. The $100 value is $100. Each dollar spent by the buyer is worth 1 gram.
When you are looking to purchase gold, the next thing to know is where to get it. There are several options available if your goal is to purchase gold from a dealer. First off, you can go through 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.
Private sellers are individuals that offer gold at wholesale or retail prices. Private sellers typically charge 10% to 15% commission on each transaction. This means that you will get less back from a private seller than if you sell it through a coin shop or on 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. You can store physical gold much more easily than you can with paper certificates. However, it still needs to be safe. Physical gold should be stored in an impenetrable container, such a vault and safety deposit box to ensure its safety.
If you are looking to purchase gold on your own, you have two options: a bank or an pawnshop. A bank will provide you with a loan that allows you to purchase the amount of gold you desire. These are small businesses that let customers borrow money against the items they bring to them. Banks often charge higher interest rates then pawnshops.
Finally, another way to buy gold is to simply ask someone else to do it! Selling gold can be as easy as selling. Contact a company such as GoldMoney.com, and you can set up a simple account and start receiving payments immediately.
—————————————————————————————————————————————————————————————–
By: Jamie Redman
Title: Meme Tokens Defy Crypto Slump with 3.2% Increase in Value
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
Did you miss our previous article…
https://altcoinirareview.com/altcoin-season-index-indicates-arrival-of-altcoin-season/
