Five months ago, top meme cryptocurrencies in market valuation were valued as high as $33.7 billion. Today, the meme economy is 55% smaller, at $14.9 billion on September 23. Dogecoin has lost 12.8% and shiba Inu is down 19.4% in the past 30 days against the U.S. Dollar.
Dogecoin and Shiba Inu Baby Doge Coin Dip Lower Loss Between 12.8% & 19.4%
The meme coin economy today is valued at nearly 15 billion U.S. Dollars. Twenty-five of the many meme tokens have the term "doge", while the other dozens include the name "shiba". 18 tokens are named "shiba", while 30 crypto-meme coins have "dog" in the names.
Dogecoin (DOGE) is the oldest and most valuable meme crypto asset in terms of market capitalization. It's still a major player in the world cryptocurrency. Doge is valued at $7.97 million and it's the 10th largest crypto coin in terms of market capitalization. Dogecoin's market capitalization is 53.48% of $14.9 billion, which is the total amount of the entire meto token economy.
With a market value of $6.33 billion, shiba Inu (SHIB), is the second-largest meme token. SHIB's market capital represents 42.48% in the entire meme coin economy. It's ranked 13 out of 12,983 crypto assets. The two meme tokens DOGE and SHIB dominate crypto meme coins worth $14.9 billion by 95.96%.
The combined market capitalizations of DOGE and SHIB, which together amount to $965 billion, equates to 1.483% as of Friday, September 23, 2022. Baby doge coin (BABYDOGE) is the third most valuable meme coin asset, but its market capital is smaller at $178.90 millions.
BABYDOGE's market value is 1.2% of the whole crypto meme economy. The baby doge token has lost 3.3% in the past two weeks and 16.4% over the past month.
Five months ago, the meme currency was much more stable and was making $33.7 billion. The meme coin economy is worth $14.9 billion today. This represents a 55% drop in USD value.
DOGE, SHIB and BABYDOGE all had a disappointing week. However, a few meme tokens experienced double-digit gains over the past week. In seven days, boss (BOSS), 48.3% up, metadoge (46.7%) has risen 47.9% and iotexshiba (5 IOSHIB) has risen 43.2% to the U.S. Dollar.
This week's meme coin token losers were duckereum, 32.8%, shibaken (SHIBAKEN), and hoge (HOGE).
What are your thoughts on the recent price action of the meme coin currency? Please comment below to let us know your thoughts on this topic.
Frequently Asked Questions
What is a Precious Metal IRA (IRA)?
A precious metal IRA allows for you to diversify your retirement savings in gold, silver, palladium and iridium. These rare metals are often called “precious” as they are very difficult to find and highly valuable. These are excellent investments that will protect your wealth from inflation and economic instability.
Bullion can be purchased through many channels including online retailers and large coin dealers as well as some grocery stores.
A precious metal IRA lets you invest in bullion direct, instead of purchasing stock. This means you'll receive dividends every year.
Unlike regular IRAs, precious metal IRAs don't require paperwork or annual fees. Instead, your gains are subject to a small tax. Plus, you get free access to your funds whenever you want.
What does gold do as an investment?
Gold's price fluctuates depending on the supply and demand. It is also affected negatively by interest rates.
Due to the limited supply of gold, prices for gold are highly volatile. Additionally, physical gold can be volatile because it must be stored somewhere.
How much of your portfolio should be in precious metals?
Before we can answer this question, it is important to understand what precious metals actually are. Precious metals have elements with an extremely high worth relative to other commodity. This makes them extremely valuable for trading and investing. Gold is currently the most widely traded precious metal.
But, there are other types of precious metals available, including platinum and silver. The price for gold is subject to fluctuations, but stays relatively stable in times of economic turmoil. It is also relatively unaffected both by inflation and deflation.
As a general rule, the prices for all precious metals tend to increase with the overall market. They do not always move in the same direction. When the economy is in trouble, for example, gold prices tend to rise while other precious metals fall. This is because investors expect lower rates of interest, which makes bonds less attractive investments.
The opposite effect happens when the economy is strong. Investors favor safe assets like Treasury Bonds, and less precious metals. Because they are rare, they become more pricey and lose value.
You must therefore diversify your investments in precious metals to reap the maximum profits. You should also diversify because precious metal prices can fluctuate and it is better to invest in multiple types of precious metals than in one.
What is a gold IRA account?
The Gold Ira Accounts are tax-free investment options for those who want to make investments in precious metals.
Physical gold bullion coin can be purchased at any time. To invest in gold, you don't need to wait for retirement.
An IRA allows you to keep your gold forever. Your gold assets will not be subjected tax upon your death.
Your gold is passed to your heirs without capital gains tax. Because your gold doesn't belong to the estate, it's not necessary to include it on your final estate plan.
To open a Gold IRA, you'll need to first set up an Individual Retirement Account (IRA). After you do this, you will be granted an IRA custodian. This company acts as a middleman between you and the IRS.
Your gold IRA custody will take care of the paperwork and send the forms to IRS. This includes filing annual reports.
After you have created your gold IRA, the only thing you need to do is purchase gold bullion. The minimum deposit required to purchase gold bullion coins is $1,000 The minimum deposit is $1,000. However, you will receive a higher percentage of interest if your deposit is greater.
When you withdraw your gold from your IRA, you'll pay taxes on it. If you take out the whole amount, you'll be subject to income taxes as well as a 10 percent penalty.
If you only take out a very small percentage of your income, you may not need to pay tax. However, there are some exceptions. For example, taking out 30% or more of your total IRA assets, you'll owe federal income taxes plus a 20 percent penalty.
It's best not to take out more 50% of your total IRA investments each year. Otherwise, you'll face steep financial consequences.
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- 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)
- 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)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
Guidelines for Gold Roth IRA
The best way to invest for retirement is by starting early. You should start as soon as you are eligible (usually at age 50) and continue saving throughout your career. It is essential to save enough money each year in order to maintain a steady growth rate.
You may also wish to take advantage of tax-free investments such as a SIMPLE IRA, SEP IRA, and traditional 401(k). These savings vehicles allow you to make contributions without paying taxes on earnings until they are withdrawn from the account. These savings vehicles can be a great option for individuals who don't qualify for employer matching funds.
It's important to save regularly and over time. If you aren't contributing the maximum amount permitted, you could miss out on tax benefits.
By: Jamie Redman
Title: Meme Tokens Slide 55% in 5 Months — DOGE, SHIB Dominate $14.9B Meme Coin Economy by 95%
Sourced From: news.bitcoin.com/meme-tokens-slide-55-in-5-months-doge-shib-dominate-14-9b-meme-coin-economy-by-95/
Published Date: Fri, 23 Sep 2022 13:30:04 +0000