Meme Coin Market Shows Resilience
Recent data reveals that despite a general decline in the crypto economy, the meme coin sector has experienced a 3.2% increase in value over the past 24 hours. Notably, two prominent meme coins, dogecoin (DOGE) and bonk (BONK), have observed respective surges of 1.2% and 9%. Additionally, several other meme tokens have achieved double-digit gains on Sunday.
Positive Growth in Meme Coin Market
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 the past 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.
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
Is it possible to take physical ownership of gold from my IRA
Many ask themselves whether they can physically possess gold in an IRA account. This is a fair question because there isn't any legal way to do it.
If you take a closer look at the law, there is nothing that can stop you from having gold in your IRA.
Problem is, most people don’t realize how much they can save by putting gold in an IRA and not keeping it in their home.
It is easy to toss gold coins, but it's not easy to place them in an IRA. If you decide that you want to keep your gold at home, you'll be responsible for two tax payments. You will pay taxes twice: once to the IRS and one for the state in which you live.
However, it is also possible to lose the gold in your home and pay twice tax. Why would you want to keep your gold in your house?
It might seem that you want the security of knowing your gold is safe inside your home. You can protect your gold from theft by storing it somewhere more secure.
If you're planning on visiting frequently, it is best to keep your gold safe at home. If you leave your gold unattended, thieves can easily steal it while you're out of town.
Better yet, store your gold inside an insured vault. This will ensure that your gold is protected against fire, flood, earthquake and robbery.
Another benefit to keeping your gold in vaults is that you won’t have to pay any property taxes. Instead, you will have to pay income tax for any gains you make selling your gold.
If you'd rather avoid paying taxes on your gold, you may want to consider putting it in an IRA. An IRA will allow you to avoid income tax while earning interest on your gold.
You don't have to pay capital gains taxes on gold. This means that you can cash out the entire value of your investment at any time you like.
You won't have to move your gold because IRAs are federally regulated.
The bottom line? You can own your gold in an IRA. Fear of losing it is the only thing that will hold you back.
What is a Precious Metal IRA, and how can you get one?
Precious metals can be a good investment for retirement accounts. They have been around for centuries and are still very valuable today. It is a great way of diversifying your portfolio and protecting against inflation by investing in precious metals like gold, silver, or platinum.
Certain countries even allow their citizens to save money in foreign currencies. You can buy Canada gold bars and keep them home. Then, when you go back to visit family, you can sell those same gold bars for Canadian dollars.
This is a simple way to make investments in precious metals. It is particularly useful for those who live outside North America.
Can I store my gold IRA account at home?
An online brokerage account can be a great way to save your money. Online brokerage accounts offer all the same investment options and you do not need any special licenses. You don't have to pay any fees for investing.
You can also use free tools offered by many online brokers to manage your portfolio. To see the performance and trends of your investments, you can download charts from these brokers.
How much should your IRA include precious metals
Protecting yourself from inflation is best done by investing in precious metals such silver and gold. This is not only an investment for retirement, but it can also help you prepare for any economic downturn.
Gold and silver prices have increased significantly over the past few years, but they are still considered safe investments because they don't fluctuate as much as stocks do. These materials are also in high demand.
Predictable and stable prices for gold and silver are common. They tend to rise during economic growth and drop during recessions. This makes them very valuable money-savers and long term investments.
10% of your total portfolio should be invested in precious metals. If you wish to diversify further, this percentage could be higher.
Statistics
- The IRS also allows American Eagle coins, even though they do not meet gold's 99.5% purity standard. (forbes.com)
- Same tax rules as traditional IRA SEP IRA contributions in 2022 are limited to 25% of compensation or $66,000, whichever is less Before setting up a Silver IRA, understand the fees and IRS restrictions. (sltrib.com)
- Depending on your financial situation, most experts recommend you invest no more than 5% to 10% of your retirement funds in precious metals. (forbes.com)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal so that you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
External Links
wsj.com
regalassets.com
forbes.com
- Gold IRA, Add Some Sparkle to Your Retirement Nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
takemetothesite.com
How To
How to Open a Precious Metal IRA
Precious metals are a highly sought-after investment vehicle. They are so popular because they allow investors to earn higher returns than traditional investments like stocks and bonds. However, precious metals investing requires careful planning and research. This is what you need to know before you open your precious metal IRA.
There are two main types of precious metal accounts: physical precious metals accounts and paper gold and silver certificates (GSCs). Each type of account has its own advantages and disadvantages. GSCs can be traded and access physical precious metals accounts, which offer diversification benefits. Continue reading to learn more about each of these options.
Physical precious metals accounts are comprised of bullion and bars as well as coins. While this option provides diversification benefits, it also comes with some drawbacks. Precious metals can be expensive to store, buy and sell. Their large size makes it difficult to transport them between locations.
Paper gold and silver certificates, on the other hand are very affordable. Additionally, they can be easily traded online and accessible. These make them ideal for people who don’t want to invest directly in precious metals. They aren't as diverse as physical counterparts. Also, since they're backed by government agencies such as the U.S. Mint, the value of these assets could decrease if inflation rates rise.
Choose the best account for you financial situation when opening a precious metal IRA. Consider the following:
- Your tolerance level
- Your preferred asset allocation strategy
- How much time do you have to invest
- You can decide whether or not to use the funds for trading purposes.
- What type of tax treatment do YOU prefer?
- Which precious metals would you prefer to invest in
- How liquid is your portfolio?
- Your retirement date
- Where you will store precious metals
- Your income level
- Your current savings rate
- Your future goals
- Your net worth
- Consider any special circumstances that could affect your decision
- Your overall financial picture
- Your preference between paper and physical assets
- Your willingness and ability to take risks
- Your ability to manage losses
- Your budget constraints
- Your desire to become financially independent
- Your investment experience
- Your familiarity in precious metals
- Your knowledge about precious metals
- Your confidence and faith in the economy
- Your personal preferences
After you have determined the type of precious metal IRA that best suits you, you can open an account with a reputable dealer. These companies can also be found online, through word-of mouth or referrals.
After you have opened your precious metal IRA account, you will need to decide how much money to put in it. Each precious metal IRA account requires a minimum initial deposit. Some account require just $100, while some allow you to put up to $50,000.
As stated above, the amount of money invested in your precious metal IRA is completely up to you. If you're looking to build wealth over a long period, you should probably opt for a larger initial deposit. A lower initial deposit may be better if you plan to invest smaller amounts of money each month.
You can purchase a variety of investments, regardless of whether the precious metals are actually used in your IRA. Here are some of the most common:
- Bullion bars. Rounds, and gold coins.
- Silver – Rounds or coins
- Platinum – Coins
- Palladium-Bar and Round Forms
- Mercury – Round or bar forms
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