BONK Emerges as the Third-Largest Meme Coin, Overtaking PEPE
In the world of cryptocurrency, the meme-inspired coin BONK (BONK) has experienced remarkable growth, surpassing pepe (PEPE) to become the third-largest meme coin in terms of market capitalization. Over the past month, BONK has seen a surge of 621% in value against the U.S. dollar, solidifying its position as a leading player in the market.
BONK's Astonishing Climb: A Solana-Based Meme Coin
Introduced on December 25, 2022, BONK had a market valuation of $1.21 million. Today, its market capitalization has skyrocketed to an impressive $1.23 billion, marking a thousandfold increase in value over the past year. BONK now holds the third spot among meme coins, leaving PEPE behind.
Over the last month, BONK has experienced a surge of 621%, with a significant portion of this growth occurring in the past two weeks. Although it witnessed a 14% decline in the last 24 hours, BONK's value increased by 82% this week alone. As a Solana-based meme token with a dog-themed concept, BONK aligns with the broader trend of meme coins in the cryptocurrency sector.
BONK's Distribution and Community
BONK has distributed a substantial supply to Solana artists, collectors, and developers, which has revitalized liquidity on the SOL chain. The team behind BONK prefers to remain anonymous, and there is no available white paper explaining the project's intricacies. However, BONK effectively promotes itself through social media platforms like X (formerly Twitter) and its official website, bonkcoin.com.
Currently, there are 519,773 unique Solana-based addresses holding BONK tokens. The distribution of BONK is relatively concentrated, with the top ten wallets owning 32.99% of the supply. The top 20 wallets account for 39.93% of the supply, while the top 100 holders control 54.86% of all circulating BONK tokens. As of December 17, 2023, there are 56.02 trillion BONK tokens issued on the Solana chain.
The Future of BONK and the Cryptocurrency Market
Like many crypto assets, especially meme coins, BONK's trajectory remains unpredictable. While it has undoubtedly reignited interest in the Solana ecosystem, its long-term success hinges on continued community involvement and broader market dynamics. BONK's growing popularity has even led to the sell-out of the Solana smartphone. Solana co-founder Raj Gokal has reported significant growth in Saga sales, with a tenfold increase in just 48 hours on December 14.
What are your thoughts on the crypto industry's frenzy over BONK? Feel free to share your opinions and insights in the comments section below.
Frequently Asked Questions
Is it a good retirement strategy to buy gold?
Although buying gold as an investment might not sound appealing at first, when you look at the average annual gold consumption worldwide, it is worth looking into.
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 require cash flow, gold stocks can work well.
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.
Which precious metal is best to invest in?
This depends on what risk you are willing take and what kind of return you desire. Gold has been traditionally considered a haven investment, but it's not always the most profitable choice. You might not want to invest in gold if you're looking for quick returns. Silver is a better investment if you have patience and the time to do it.
Gold is the best investment if you aren't looking to get rich quick. However, silver might be a better option if you're looking for an investment that provides steady returns over long periods.
Should You Buy Gold?
In times past, gold was considered a safe haven for investors in times of economic trouble. Many people are shifting away from traditional investments like bonds or stocks to instead look toward precious metals such gold.
While gold prices have been rising in recent years they are still low relative to other commodities, such as silver and oil.
This could be changing, according to some experts. According to them, gold prices could soar if there is another financial crisis.
They also mention that gold is becoming more popular due to its perceived worth and potential return.
Here are some things to consider if you're considering investing in gold.
- The first thing to do is assess whether you actually need the money you're putting aside for retirement. You can save money for retirement even if you don't invest 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.
- Last but not least, gold doesn't provide the same level security as a savings account. Your gold coins may be lost and you might never get them back.
Do your research before you buy gold. Protect your gold if you already have it.
How do I Withdraw from an IRA with Precious Metals?
First decide if your IRA account allows you to withdraw funds. You should also ensure that you have enough money to cover any fees and penalties associated with withdrawing funds.
A taxable brokerage account is a better option than an IRA if you are prepared to pay a penalty for early withdrawals. This option will require you to pay taxes on the amount that you withdraw.
Next, determine how much money you plan to withdraw from your IRA. This calculation is affected by many factors, such as the age at which you withdraw the money, the amount of time the account has been owned, and whether your plans to continue contributing to your retirement fund.
Once you know how much of your total savings to convert to cash, it's time to choose the type of IRA that you want. While traditional IRAs are tax-free, Roth IRAs can be withdrawn at any time after you reach 59 1/2. However, Roth IRAs will charge income taxes upfront and allow you to access your earnings later without additional taxes.
Once the calculations have been completed, it's time to open a brokerage accounts. To encourage customers to open accounts, brokers often offer signup bonuses and promotions. To avoid unnecessary fees, however, try opening an account using a debit card rather than a credit card.
When it comes time to withdraw your precious metal IRA funds, you will need a safe location where you can keep your coins. Some storage facilities will accept bullion bars, others require you to buy individual coins. You will need to weigh each one before making a decision.
For example, storing bullion bars requires less space because you aren't dealing with individual coins. However, each coin will need to be counted individually. However, keeping individual coins in a separate place allows you to easily track their values.
Some people like to keep their coins in vaults. Some prefer to keep them in a vault. You can still enjoy the benefits of bullion for many years, regardless of which method you choose.
- 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)
- 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)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
- Saddam Hussein's InvasionHelped Uncage a Bear in 1990 – WSJ
- How do you keep your IRA Gold at Home? It's not legal – WSJ
- Do You Need a Gold IRA to Get Retirement?
- What are the Options Types, Spreads and Example. Risk Metrics
- Gold IRA: Add some sparkle to your retirement nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
3 Ways to Invest in Gold for Retirement
It is important to understand the role of gold in your retirement plan. You can invest in gold through your 401(k), if you have one at work. You may also want to consider investing in gold outside of your workplace. If you have an IRA (Individual Retirement Account), a custodial account could be opened at Fidelity Investments. If you don't have any precious metals yet, you might want to buy them from a reputable dealer.
These are three simple rules to help you make an investment in gold.
- Buy Gold With Your Cash – Do not use credit cards to purchase gold. Instead, cash in your accounts. This will help you to protect yourself against inflation while also preserving your purchasing power.
- Physical Gold Coins: You should own physical gold coins, not just a certificate. Physical gold coins can be sold much faster than paper certificates. There are no storage fees for physical gold coins.
- Diversify your Portfolio – Don't put all your eggs in one basket. By investing in multiple assets, you can spread your wealth. This helps reduce risk and gives you more flexibility during market volatility.
By: Jamie Redman
Title: BONK's Meteoric Rise: Surpassing PEPE with a 621% Surge and Securing Third Place in the Meme Coin Market
Sourced From: news.bitcoin.com/bonks-meteoric-rise-outpaces-pepe-with-621-surge-secures-third-place-in-meme-coin-market/
Published Date: Sun, 17 Dec 2023 18:00:49 +0000
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