BONK Overtakes PEPE: A Remarkable Climb in the Meme Coin Market
The meme-inspired cryptocurrency bonk (BONK) has recently witnessed significant growth against the U.S. dollar, surpassing pepe (PEPE) to become the third largest meme coin in terms of market capitalization. Over the past month, BONK, which is built on the Solana blockchain, has experienced a staggering surge of over 621% in value compared to the greenback.
BONK’s Astonishing Rise: Emerging as a Leader in the Meme Coin Market
Introduced on December 25, 2022, BONK initially had a market capitalization of $1.21 million. Today, its market cap has skyrocketed to an impressive $1.23 billion, marking a thousandfold increase in value over the past year. With this remarkable growth, BONK has now secured the position of the third-largest meme coin, surpassing PEPE.
During the last month, BONK has experienced an astounding 621% surge, with 325% of this growth occurring in the past two weeks alone. However, the coin witnessed a 14% decline in value within the last 24 hours, despite an 82% increase earlier this week. BONK is a dog-themed meme token, fitting in perfectly with the broader meme coin movement within the cryptocurrency sector. It is based on the Solana blockchain.
BONK’s Distribution and Community
The distribution of BONK is quite concentrated, with a significant portion of its supply allocated to Solana artists, collectors, and developers. This has contributed to an increase in liquidity on the SOL chain. The team behind BONK remains anonymous, and there is no available white paper that provides in-depth information about the project. However, BONK actively engages with its community through social media platforms, particularly X (formerly Twitter), and its official website, bonkcoin.com.
Currently, there are 519,773 unique Solana-based addresses holding BONK tokens. The top ten wallets account for 32.99% of the supply, while the top 20 wallets hold 39.93%. The top 100 holders control 54.86% of all BONK in circulation. As of December 17, 2023, there are 56.02 trillion BONK tokens issued on the Solana chain.
The Future of BONK and the Meme Coin Market
Similar to other crypto assets, especially meme coins, the trajectory of BONK remains unpredictable. While it has undoubtedly reignited interest in the Solana ecosystem, its long-term success will depend on continued community involvement and the overall 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 an increase of more than tenfold within 48 hours on December 14.
What are your thoughts on the crypto industry's fascination with BONK? Feel free to share your opinions in the comments section below.
Frequently Asked Questions
How do you withdraw from an IRA that holds precious metals?
First decide if your IRA account allows you to withdraw funds. After that, you need to decide if you want to withdraw funds from an IRA account. Next, make sure you have enough money in order for you pay any fees or penalties.
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, figure out how much money will be taken out of your IRA. This calculation depends on several factors, including the age when you withdraw the money, how long you've owned the account, and whether you intend to continue contributing to your retirement plan.
Once you have determined the percentage of your total savings that you would like to convert to cash, you can then decide which type of IRA to use. Traditional IRAs permit you to withdraw your funds tax-free once you turn 59 1/2. Roth IRAs have income taxes upfront, but you can access the earnings later on without paying additional taxes.
After these calculations have been completed, you will need to open a brokerage bank account. A majority of brokers offer free signup bonuses, as well as other promotions, to get people to open accounts. You can save money by opening an account with a debit card instead of a credit card to avoid paying unnecessary fees.
You will need a safe place to store your coins when you are ready to withdraw from your precious metal IRA. While some storage facilities accept bullion bars and others require that you purchase individual coins, others will allow you to store your coins in their own safe. You will need to weigh each one before making a decision.
Bullion bars are easier to store than individual coins. You will need to count each coin individually. However, individual coins can be stored to make it easy to track their value.
Some prefer to store their coins in a vault. Others prefer to store their coins in a vault. Whichever method you choose, make sure you store your bullion safely so you can enjoy its benefits for years to come.
Should you Invest In Gold For Retirement?
It depends on how much you have saved and if gold was available at the time you started saving. If you're unsure about which option to choose then consider investing in both.
Gold is a safe investment and can also offer potential returns. It is a good choice for retirees.
Most investments have fixed returns, but gold's volatility is what makes it unique. This causes its value to fluctuate over time.
But this doesn't mean you shouldn't invest in gold. You should just factor the fluctuations into any overall portfolio.
Another advantage to gold is that it can be used as a tangible asset. Gold is much easier to store than bonds and stocks. It's also portable.
You can always access gold as long your place it safe. Plus, there are no storage fees associated with holding physical gold.
Investing in gold can help protect against inflation. Because gold prices tend to rise along with other commodities, it's a good way to hedge against rising costs.
Additionally, it will be a benefit to have some of your savings invested into something that won't lose value. Gold usually rises when stocks fall.
Investing in gold has another advantage: you can sell it anytime you want. As with stocks, your position can be liquidated whenever you require cash. You don't even need to wait for your retirement.
If you do decide to invest in gold, make sure to diversify your holdings. You shouldn't try to put all of your eggs into one basket.
You shouldn't buy too little at once. Begin by buying a few grams. Then add more as needed.
It's not about getting rich fast. Rather, it's to build up enough wealth so you won't need to rely on Social Security benefits.
Although gold might not be the right investment for everyone it could make a great addition in any retirement plan.
Can I purchase gold with my self directed IRA?
You can purchase gold with your self-directed IRA, but you must first open an account at a brokerage firm like TD Ameritrade. If you already have a retirement account, funds can be transferred to it.
The IRS allows individuals contributing up to $5.500 each ($6,500 if married, filing jointly) into a traditional IRA. Individuals can contribute up to $1,000 annually ($2,000 if married and filing jointly) directly to a Roth IRA.
You should consider buying physical gold bullion if you decide to invest in it. Futures contracts, which are financial instruments based upon the price of gold, are financial instruments. These contracts allow you to speculate on future gold prices without actually owning it. However, physical bullion is real gold or silver bars you can hold in your hands.
Statistics
- You can only purchase gold bars at least 99.5% purity. (forbes.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)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
External Links
forbes.com
wsj.com
- Saddam Hussein's InvasionHelped Uncage a Bear in 1990 – WSJ
- Want to Keep Gold in Your IRA at Home? It's Not Exactly Lawful – WSJ
investopedia.com
bbb.org
How To
Tips to Invest in Gold
Investing in Gold is one of the most popular investment strategies worldwide. Because investing in gold has many benefits. There are many ways to invest gold. Some people purchase physical gold coins. Others prefer to invest their money in gold ETFs.
Before you purchase any type or gold, here are some things to think about.
- First, make sure you check if your country allows you own gold. If it is, you can move on. Or, you might consider buying gold overseas.
- The second thing you need to do is decide what type of gold coins you want. You have options: you can choose from yellow gold, white or rose gold.
- Thirdly, it is important to take into account the gold price. It is better to start small, and then work your way up. It is important to diversify your portfolio whenever you purchase gold. Diversifying assets should include stocks, bonds real estate mutual funds and commodities.
- Lastly, you should never forget that gold prices change frequently. Be aware of the current trends.
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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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