In recent weeks, the meme-inspired cryptocurrency bonk (BONK) has experienced significant growth against the U.S. dollar and has now surpassed pepe (PEPE) to become the third-largest meme coin in terms of market capitalization. Over the past month, the Solana-based BONK has surged by over 621% in value when measured against the greenback.
BONK’s Astonishing Climb: Solana-Based Meme Coin Overtakes PEPE
The meme coin bonk (BONK) has emerged as a leader in the cryptocurrency market in terms of 30-day gains. Since its introduction on December 25, 2022, it had a market valuation of $1.21 million. As of today, BONK's market capitalization has reached a remarkable $1.23 billion, marking a thousandfold increase in its value over the past year. Currently, BONK holds the position of the third-largest meme coin after displacing PEPE.
During the past month, BONK has experienced a surge of 621%, with 325% of this growth occurring in just the past two weeks. This week alone, BONK's value increased by 82%, although it witnessed a 14% decline in the last 24 hours. Originating from Solana, BONK is a dog-themed meme token, aligning with the broader meme coin movement in the cryptocurrency sector.
A significant portion of BONK's supply was distributed to Solana artists, collectors, and developers, contributing to the rejuvenation of liquidity on the SOL chain. The team behind BONK maintains their anonymity, and there is a white paper available that explains the project's intricacies. The project primarily makes its presence known through social media, especially X (formerly Twitter), and its official website bonkcoin.com.
Currently, the rich list data reveals that 519,773 unique Solana-based addresses hold BONK. The distribution of BONK is notably concentrated, with the top ten wallets owning 32.99% of the supply. The top 20 wallets hold 39.93% of the supply, while the top 100 holders control 54.86% of all BONK in circulation. As of December 17, 2023, there are 56.02 trillion BONK tokens in existence, issued on the Solana chain.
The trajectory of BONK, like many crypto assets and particularly meme coins, remains unpredictable. Its contribution to reigniting interest in the Solana ecosystem is evident, but its enduring success will likely depend on continued community involvement and the wider market dynamics. BONK's rising popularity has also led to the sell-out of the Solana smartphone. Solana co-founder Raj Gokal has revealed significant growth in Saga sales, stating that they increased more than tenfold in 48 hours on December 14.
What are your thoughts on the crypto industry going bonkers over BONK? Share your opinions in the comments section below.
Frequently Asked Questions
How do I open a Precious Metal IRA
It is best to open an IRA with precious metals through a Roth Individual Retirement Account.
This account is more advantageous than other types of IRAs, because you don’t have to pay taxes on any interest earned from your investments until they are withdrawn.
People who are looking to save money and still need a tax break will find it attractive.
You are not restricted to investing only in gold or silver. You can put your money in almost any item that meets the IRS guidelines.
Although most people think of gold and silver when they hear the term “precious metal,” there are many kinds of precious metals.
You can find examples in palladium (platinum), rhodium (osmium), iridium and ruthenium.
There are many ways to invest in precious materials. Two of the most popular ways to invest in precious metals are buying bullion coin and bar coins, and also purchasing shares in mining corporations.
Bullion Coins or Bars
One of your easiest ways to get into precious metals is to purchase bullion coins. Bullion refers to physical ounces (or grams) of gold and/or silver.
Bullion bars and bullion coins are actual pieces of the metal.
While you may not immediately see any change after buying bullion coins and bars in a store, there will be some long-term benefits.
You'll be able to see a piece tangible of history. Each coin and bar is unique.
It is often worth less than its nominal price if you examine the face value. For example, in 1986 the American Eagle Silver Coin sold for $1.00 an ounce. The price of an American Eagle is now closer to $40.00 a ounce.
Many investors prefer bullion coins and bullion bar to futures contracts because of the dramatic increase in bullion's value.
Mining Companies
If you are looking to invest in precious metals, there is another option: investing in mining shares. You are investing in the ability of mining companies to produce gold or silver.
You will get dividends based off the company's profits in return. These dividends are then used to pay shareholders.
Furthermore, the company has the potential to grow. The share prices of the company should rise as more people buy the product.
Because these stocks fluctuate in price, it's important to diversify your portfolio. This means spreading your risk across multiple companies.
But, remember that mining companies, like all stock market investments, are susceptible to financial loss.
Your ownership stake could become worthless if the price of gold falls significantly.
The Bottom Line
Precious Metals such as gold or silver offer a safe haven in times of economic uncertainty.
Silver and gold, however, can experience wild swings in their prices. A precious metals IRA account is a good option for long-term investment.
You will be able to take advantage of tax incentives while also benefiting from physical assets.
What precious metals can be allowed in an IRA?
The most commonly used precious metal in IRA accounts is, of course, gold. Also available as investments are bars and bullion gold coins.
Precious metals, which don't lose any value over time, are considered safe investments. They're also considered a great way to diversify an investment portfolio.
Precious metals include silver, platinum, and palladium. These metals all share similar properties. However, each one has its unique uses.
One example is platinum, which is used to create jewelry. Palladium is used to create catalysts. Silver is used to producing coins.
Consider how much you plan to spend on gold when deciding on which precious metal to buy. You may be better buying gold that is less expensive per ounce.
You should also think about whether you want to keep your investment private. If you are unsure, palladium is the right choice.
Palladium is worth more than gold. But it's also rarer. So you'll likely have to pay more for it.
The storage fees of gold and silver are also important factors to consider when making a decision between them. Gold is measured by weight. You will pay more if you store larger amounts.
Silver is measured in volume. Silver is priced by volume. You will pay less to store smaller amounts.
Keep in mind all IRS rules when you store precious metals inside an IRA. This includes keeping records of transactions and reporting them back to the IRS.
Can you make a profit on a Gold IRA?
You must first understand the market and then know which products are available to make money.
If you don’t know anything, it is best to wait until you have enough information so that you can trade effectively.
You should also find a broker who offers the best service for your account type.
Many different accounts are available, including standard IRAs and Roth IRAs.
You may also wish to consider a rollover if you already have other investments, such as stocks and bonds.
How can I withdraw from an IRA with Precious Metals?
If you have a precious IRA company such Goldco International Inc. account, you may be tempted to withdraw your funds. This way, when you decide to sell your metals, they will still be worth much more than if you had left them inside the account.
This article will help you understand how to withdraw funds from an IRA that holds precious metals.
First, check to see if your precious metal IRA provider permits withdrawals. Some companies will allow withdrawals, while others won't.
Second, consider whether your sale of metals can allow you to take advantage tax-deferred profits. This benefit is available from most IRA providers. Some IRA providers offer this benefit, but others don't.
To find out if fees apply, thirdly check with your precious-metal IRA provider. You may have to pay an additional fee for the withdrawal.
Fourth, ensure that you keep track your precious metal IRA investment for at least 3 years after selling them. You should therefore wait until January each year to calculate capital losses on your investment portfolio. Fill out Form 8949 and follow the instructions to calculate how much gain you've realized.
You must file Form 8949 and also report any sale of precious metals to IRS. This step ensures that you pay taxes on all profits earned from your sales.
Consult a trusted attorney and accountant before selling your precious materials. They can assist you in following the correct procedures and avoiding costly mistakes.
What is the cost of gold IRA fees
The average annual fee to open an individual retirement account (IRA), is $1,000. There are many types available: SIMPLE IRAs (SEP-IRAs), Roth IRAs, Traditional IRAs and Roth IRAs. Each type has its own set of rules and requirements. If the earnings are not tax-deferred you could be subject to taxes. Also, consider how long the money will be kept. If you plan to keep your money longer, you can save more money by opening a Traditional IRA instead of a Roth IRA.
A traditional IRA allows for contributions up to $5500 ($6,500 if older than 50). A Roth IRA allows you to contribute unlimited amounts every year. The difference is simple. With a traditional IRA you can withdraw the money when you retire and pay no taxes. With a Roth IRA, however, any withdrawals will be subject to taxes.
Statistics
- You can only purchase gold bars of at least 99.5% purity. (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)
- 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)
- To qualify as IRA allowable precious metals and be accepted by STRATA, the following minimum fineness requirements must be met: Gold must be 99.5% pure, silver must be 99.9% pure, and platinum and palladium must both be 99.95% pure. (stratatrust.com)
External Links
regalassets.com
en.wikipedia.org
forbes.com
- Gold IRA: Add Some Sparkle To Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
kitco.com
How To
How to turn your IRA into a IRA with gold content
Do you want to change your retirement savings away from a traditional IRA and into a golden IRA? This article will guide you through the process. Here are some tips to help you switch.
“Rolling over” is the act of transferring money from one type (traditional) to another type (gold). Rolling over an account has tax benefits. People may also prefer to invest physical assets, such precious metals.
There are two types IRAs – Traditional IRAs and Roth IRAs. The difference is simple. Traditional IRAs allow investors the ability to deduct taxes whenever they withdraw their earnings. Roth IRAs are not. This means that if you have $5,000 invested in a Traditional IRA, you will only be able take out $4850 after five years. However, if you put the same amount into a Roth IRA you would be able keep every penny.
These are some things to consider if you plan to convert from a Traditional IRA to a Gold IRA.
First, you must decide whether to move your balance into a new bank account or transfer funds from your existing account to the new one. Any earnings over $10,000 will be subject to income tax at the regular rate. However, if your IRA is rolled over, these earnings will not be subjected to income tax until age 59 1/2.
After making your decision, you can open a new financial account. You may be asked for proof of identity (e.g., a Social Security or passport card, birth certificate, etc.). Next, you will need to complete paperwork proving your ownership of the IRA. Once you've completed the forms, you'll submit them to your bank. After verifying your identity, they will give you instructions about where to send wire transfers or checks.
Now comes the fun part. Now, deposit money into your account and wait for approval from the IRS. You will be notified by mail that your request has been approved.
That's it! All you need to do now is watch your money grow. If you decide to convert your IRA you can close it and transfer the remaining balance into a different IRA.
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