Explosive Rise of BONK Boosts Solana Saga Phone's Market Appeal
The Solana Saga phone, which had struggled to find its footing in the market, has experienced a remarkable turnaround in recent times. Units of the phone are now being sold for as much as $5,000 on Ebay, a significant increase from its discounted price earlier this summer. This surge in demand can be largely attributed to the phenomenal growth of BONK, a meme coin based on the Solana blockchain, which has witnessed an astonishing 10,000% surge in value over the past two months.
Saga Phone's Turbulent Journey
Initially launched earlier this year with a price tag of $1,000, the Saga phone faced disappointing sales and an uncertain future. Solana founder Anatoly Yakovenko openly acknowledged that the phone's underwhelming sales figures had raised concerns about its future. However, the recent frenzy surrounding BONK, a meme token with a dog theme, has completely altered the narrative.
The BONK Airdrop Phenomenon
Last week, traders and enthusiasts took notice of the 30 million BONK tokens that were included as an airdrop with every new Saga phone purchase. As the value of BONK skyrocketed, experiencing a peak surge of over 621% in the past month, the worth of the airdrop surpassed the cost of the phone itself. This unexpected turn of events led to a rapid sell-out of Saga phones on the official website.
Market Response on Ebay
Ebay has become a hotbed for Saga phone sales, with some units fetching prices upwards of $2,000 and certain listings even reaching the astonishing price of $5,000. This spike in demand clearly demonstrates the market's reaction to the soaring value of BONK and the anticipation of further appreciation. Buyers are placing their bets on the meme coin's continued upward trajectory, hoping for even greater returns.
Expanding Interest from Solana-based Projects
The BONK phenomenon has caught the attention of other projects built on the Solana blockchain. Decentralized finance protocol Solend and Samoyed Coin, another meme token, have announced plans for airdrops specifically targeting Saga phone owners. This move serves as an additional incentive for individuals to acquire the phone.
What Lies Ahead for Saga Phones?
With the recent success of the Saga phone, the question arises: will there be a follow-up device in the future? We invite you to share your thoughts and opinions on this subject in the comments section below.
Frequently Asked Questions
Can I hold a gold ETF in a Roth IRA?
While a 401k may not offer this option for you, it is worth considering other options, such an Individual Retirement Plan (IRA).
Traditional IRAs allow for contributions from both employees and employers. An Employee Stock Ownership Plan (ESOP) is another way to invest in publicly traded companies.
An ESOP is a tax-saving tool because employees have a share of company stock as well as the profits that the business generates. The money in the ESOP can then be subject to lower tax rates than if the money were in the individual's hands.
Also available is an Individual Retirement Annuity. An IRA allows you to make regular payments throughout your life and earn income in retirement. Contributions made to IRAs are not taxable.
How to Open a Precious Metal IRA
The first step in opening an Individual Retirement Account, (IRA), is to decide if it's something you want. You must complete Form 8606 to open an account. To determine which type of IRA you qualify for, you will need to fill out Form 5204. You must complete this form within 60 days of opening your account. Once this has been completed, you can begin investing. You could also opt to make a contribution directly from your paycheck by using payroll deduction.
You must complete Form 8903 if you choose a Roth IRA. Otherwise, the process will be identical to an ordinary IRA.
To be eligible to have a precious metals IRA you must meet certain criteria. The IRS says you must be 18 years old and have earned income. For any tax year, your earnings must not exceed $110,000 ($220,000 for married filing jointly). Additionally, you must make regular contributions. These rules apply regardless of whether you are contributing directly to your paychecks or through your employer.
You can use a precious metals IRA to invest in gold, silver, palladium, platinum, rhodium, or even platinum. However, physical bullion will not be available for purchase. This means you won’t be able to trade stocks and bonds.
Your precious metals IRA can be used to directly invest in precious metals-related companies. Some IRA providers offer this option.
However, there are two significant drawbacks to investing in precious metals via an IRA. They aren't as liquid as bonds or stocks. This makes them harder to sell when needed. Second, they don't generate dividends like stocks and bonds. Therefore, you will lose money over time and not gain it.
What are the benefits to having a gold IRA
The best way to invest money for retirement is by putting it into an Individual Retirement Account (IRA). It will be tax-deferred up until the time you withdraw it. You have complete control over how much you take out each year. There are many types and types of IRAs. Some are better for those who want to save money for college. Some are for investors who seek higher returns. Roth IRAs are a way for individuals to make contributions after the age of 59 1/2, and then pay taxes on any earnings upon retirement. The earnings earned after they withdraw the funds aren't subject to any tax. This account may be worth considering if you are looking to retire earlier.
The gold IRA allows you to invest in different asset classes, which is similar to other IRAs. Unlike a regular IRA you don't need to worry about taxes while you wait for your gains to be available. This makes gold IRA accounts excellent options for people who prefer to keep their money invested instead of spending it.
You can also enjoy automatic withdrawals, which is another benefit of owning your gold through an IRA. This means that you don't need to worry about making monthly deposits. To avoid missing a payment, direct debits can be set up.
Finally, gold is one of the safest investment choices available today. Because it's not tied to any particular country, its value tends to remain steady. Even in economic turmoil, gold prices tends to remain relatively stable. As a result, it's often considered a good choice when protecting your savings from inflation.
What Is a Precious Metal IRA?
An IRA with precious metals allows you to diversify retirement savings into gold and silver, palladium, rhodiums, iridiums, osmium, or other rare metals. These metals are known as “precious” because they are rare and extremely valuable. They make excellent investments for your money and help you protect your future from inflation and economic instability.
Bullion is often used to refer to precious metals. Bullion refers actually to the metal.
You can buy bullion through various channels, including online retailers, large coin dealers, and some grocery stores.
An IRA for precious metals allows you to directly invest in bullion instead of purchasing stock shares. This will ensure that you receive annual dividends.
Unlike regular IRAs, precious metal IRAs don't require paperwork or annual fees. Instead, you pay a small percentage tax on the gains. Plus, you can access your funds whenever you like.
How much tax is gold subject to in an IRA
The fair market value of gold sold is the basis for tax. You don't have tax to pay when you buy or sell gold. It is not income. If you sell it later, you'll have a taxable gain if the price goes up.
For loans, gold can be used to collateral. Lenders will seek the highest return on your assets when you borrow against them. This usually involves selling your gold. It's not guaranteed that the lender will do it. They may hold on to it. Or, they may decide to resell the item themselves. Either way you will lose potential profit.
To avoid losing money, only lend against gold if you intend to use it for collateral. You should leave it alone if you don't intend to lend against it.
Should You Buy Gold?
Gold was once considered an investment safe haven during times of economic crisis. Many people are shifting away from traditional investments like bonds or stocks to instead look toward precious metals such 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 think that this could change in the near future. They say that gold prices could rise dramatically with another global 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.
- Consider first whether you will need the money to save for retirement. You can save for retirement and not invest your savings in gold. Gold does offer an extra layer of protection for those who reach retirement age.
- Second, be sure to understand your obligations before you purchase gold. Each one offers different levels security and flexibility.
- Finally, remember that gold doesn't offer the same level of safety as a bank account. Losing your gold coins could result in you never being able to retrieve them.
Do your research before you buy gold. Make sure to protect any gold you already own.
Statistics
- 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)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.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)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
External Links
forbes.com
- Gold IRA – Add Sparkle to Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
wsj.com
- Saddam Hussein's InvasionHelped Uncage a Bear in 1990 – WSJ
- Do you want to keep your IRA gold at home? It's Not Exactly Legal – WSJ
irs.gov
law.cornell.edu
- 7 U.S. Code SS7 – Designation board of trade as contract marketplaces
- 26 U.S. Code SS 408 – Individual retirement accounts
How To
Guidelines for Gold Roth IRA
You should start investing early to ensure you have enough money for retirement. Start saving as soon and as often as you're eligible (usually around 50 years old) and keep going until retirement. You must contribute enough each year to ensure that you have adequate growth.
Additionally, tax-free opportunities like a traditional 401k or SEP IRA are available. These savings vehicles allow you the freedom to contribute without having to pay tax on your earnings until they are withdrawn. These savings vehicles can be a great option for individuals who don't qualify for employer matching funds.
It is important to save consistently over time. If you aren't contributing the maximum amount permitted, you could miss out on tax benefits.
—————————————————————————————————————————————————————————————–
By: David Sencil
Title: Saga Phone Resurgence: BONK’s Rise Turns Solana Device Into Hot Commodity
Sourced From: news.bitcoin.com/solana-saga-phone-interest-soars-following-bonk-meme-coin-surge/
Published Date: Tue, 19 Dec 2023 05:30:59 +0000
Did you miss our previous article…
https://altcoinirareview.com/bitcoin-technical-analysis-btc-navigates-choppy-waters-and-uncertainty/
Related posts:
BONK’s Meteoric Rise: Surpassing PEPE with a 621% Surge and Securing Third Place in the Meme Coin Market
Crypto Market’s Mixed Fortunes — BONK, TAO, and KAS Rise as Several Other Cryptos Stagnate
7 Best Gold IRA Companies 2023 (Ranked by customer reviews)
A Plan To Opt Out And De-Google Your Phone To Use Bitcoin Privately
