Meme Coin Market Sees Uptick in Value
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.
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.
Performance of Individual 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.
What are your thoughts on the meme coin sector's gains on Sunday? Share your opinions in the comments section below.
Frequently Asked Questions
Should You Buy Gold?
Gold was considered a safety net for investors during times of economic turmoil in the past. 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.
Experts believe this could change soon. Experts believe that gold prices could skyrocket in the face of another global financial crisis.
They also mention that gold is becoming more popular due to its perceived worth and potential return.
These are some things you should consider when considering gold investing.
- 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, ensure you fully understand the risks involved in buying gold. Each offers varying levels of flexibility and security.
- Remember that gold is not as safe as a bank account. You may lose your gold coins and never be able to recover them.
Do your research before you buy gold. Make sure to protect any gold you already own.
How is gold taxed by Roth IRA?
The tax on an investment account is based on its current value, not what you originally paid. Any gains made by you after investing $1,000 in a stock or mutual fund are subject to tax.
However, if the money is deposited into a traditional IRA/401(k), the tax on the withdrawal of the money is not applicable. Capital gains and dividends earn you no tax. This applies only to investments made for longer than one-year.
The rules that govern these accounts differ from one state to the next. For example, in Maryland, you must take withdrawals within 60 days after reaching age 59 1/2 . Massachusetts allows you up to April 1st. New York is open until 70 1/2. To avoid penalty fees, it is important to plan and take distributions in time to pay all your retirement savings.
Who is entitled to the gold in a IRA that holds gold?
The IRS considers anyone who owns gold to be “a form money” and therefore subject to taxation.
To take advantage of this tax-free status, you must own at least $10,000 worth of gold and have been storing it for at least five years.
While gold may be a great investment to help prevent inflation and volatility in the market, it's not wise to keep it if you won't use it.
If you plan on selling the gold someday, you'll need to report its value, which could affect how much capital gains taxes you owe when you cash in your investments.
You should consult a financial planner or accountant to see what options are available to you.
Can I own a gold ETF inside a Roth IRA
A 401(k) plan may not offer this option, but you should consider other options, such as an Individual Retirement Account (IRA).
A traditional IRA allows for contributions from both employer and employee. You can also invest in publicly traded businesses by creating an Employee Stock Ownership Plan (ESOP).
An ESOP can provide tax advantages, as employees are allowed to share in company stock and the profits generated by the business. The money you invest in the ESOP will be taxed at a lower rate than if it were directly held by the employee.
A Individual Retirement Annuity is also possible. An IRA lets you make regular, income-generating payments to yourself over your life. Contributions to IRAs do not have to be taxable
Statistics
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- You can only purchase gold bars at least 99.5% purity. (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)
- 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)
External Links
finance.yahoo.com
cftc.gov
bbb.org
irs.gov
How To
Tips for Investing In Gold
Investing in Gold is one of the most popular investment strategies worldwide. This is because there are many benefits if you choose to invest in gold. There are many ways you can invest in gold. Some people choose to purchase gold coins physically, while some prefer to invest with gold ETFs.
You should consider some things before you decide to purchase any type of gold.
- First, you must check whether your country allows you to own gold. If you have permission to possess gold in your country, you can then proceed. Or, you might consider buying gold overseas.
- You should also know the type of gold coin that you desire. You have the option of choosing yellow, white, or rose gold.
- You should also consider the price of gold. It is best to begin small and work your ways up. When purchasing gold, diversify your portfolio. Diversify your investments in stocks, bonds or real estate.
- Don't forget to keep in mind that gold prices often change. It is important to stay up-to-date with the latest trends.
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By: Jamie Redman
Title: Meme Tokens Defy Crypto Slump with 3.2% Increase
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
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