The Explosive Growth of BONK Meme Coin
The Solana Saga phone, once struggling to find its market, has seen its fortunes reversed this week, with units selling for as much as $5,000 on Ebay, a staggering increase from its discounted price earlier this summer. This dramatic shift in demand is primarily attributed to the explosive rise of the Solana-based meme coin, BONK, which experienced more than a 10,000% surge in the past two months.
From Disappointing Sales to Unprecedented Demand
The Saga phone, initially released earlier this year with a price tag of $1,000 and later reduced to $599, had faced disappointing sales and an uncertain future. Solana founder Anatoly Yakovenko had previously admitted that Saga’s disappointing sales figures had put Saga’s future into question. However, the recent frenzy around BONK, a dog-themed meme token, has changed the narrative.
BONK Token Airdrop Sparks Frenzy
Last week, traders and enthusiasts took notice of a 30 million BONK token airdrop included with every new Saga phone. As BONK's price skyrocketed, reaching a peak surge of over 621% over the past month, the value of the airdrop surpassed the cost of the phone, leading to an unexpected sell-out of the Saga phones on the official website.
High Demand and Rising Prices on Ebay
On Ebay, several Saga phones have been sold for over $2,000, with some listings reaching as high as $5,000. This demand spike is a clear indication of the market's response to the rising value of BONK and the potential for further appreciation. Buyers appear to be betting on the continued upward trajectory of the meme coin, hoping that its value will climb even higher.
Incentives from Other Solana-Based Projects
The BONK phenomenon has already attracted the attention of other Solana-based projects. Solend, a decentralized finance protocol, and Samoyed Coin, another meme token, announced plans for airdrops to Saga phone holders, further incentivizing ownership.
What Does the Future Hold for Saga Phone?
With Saga's recent success, it raises the question of whether there will be a follow-up phone in the future. Share your thoughts and opinions about this subject in the comments section below.
Frequently Asked Questions
What are the best ways to choose an IRA.
Understanding the type of account you have is the first step towards finding an IRA that suits your needs. This will include whether you're looking for a Roth IRA or a traditional IRA. You should also know how much money your have available to invest.
Next is deciding which provider best suits your needs. Some providers offer both, while others can only provide one type of account.
Last, consider the fees associated to each option. Fees vary widely between providers and may include annual maintenance fees and other charges. Some providers charge a monthly cost based on how many shares you own. Others only charge once per quarter.
Can I store my gold IRA at home?
Online brokerage accounts are the best way for you to invest your money. You can access all of the same investment options that you would have if you worked with a traditional broker but don't need to be licensed or qualified. You don't have to pay any fees for investing.
Many online brokers also offer tools that can help you manage your portfolio. They will even let you download charts to see how your investments perform.
Can I have gold in my IRA.
Yes, it is possible! Gold can be added to your retirement plan. Because it doesn’t lose value over the years, gold makes a good investment. It protects against inflation. It is also exempt from taxes.
Before you invest in gold, make sure to understand its differences from other investments. You cannot purchase shares of gold companies like bonds and stocks. They are also not available for sale.
Instead, you must convert your gold to cash. This means that you must get rid of your gold. It's not enough to hold on to it.
This makes gold different from other investments. With other investments, you can always sell them later. But that's not the case with gold.
Even worse, you can't use the gold as collateral for loans. To cover a mortgage, you may need to give up some gold.
What does this translate to? You can't hold onto your gold forever. You'll have to turn it into cash at some point.
However, there is no need to panic about it. You only need to open an IRA account. After that, you can start investing in gold.
Which type of IRA is the best?
It is crucial to find the right IRA for your needs. It is important to consider whether you want tax-deferred, maximized growth of your contributions, reduced taxes now and paid penalties later, or just avoid taxes.
The Roth option can be a smart choice if your retirement savings are limited and you don't have any other investments. It's also worth considering if your plan is to work after the age of 59 1/2.
Traditional IRAs are more suitable if you intend to retire young. However, you will most likely owe taxes on any earnings from those funds. However, if your goal is to retire early, the traditional IRA might be more sensible. The Roth IRA allows you to withdraw some of your earnings or all without paying taxes.
Statistics
- 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)
- You can only purchase gold bars of at least 99.5% purity. (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)
- The maximum yearly contribution to an individual's IRAs is currently $6,000 ($7,000 for those 50 years or older), or 100% of earned income, whichever is less. (monex.com)
External Links
forbes.com
- Gold IRA: Add Some Sparkle To Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
regalassets.com
wsj.com
kitco.com
How To
How to Open a Precious Metal IRA
Precious metals remain one of the most highly-valued investment options. Precious metals have a higher return than traditional investments like bonds or stocks, which is why they are so sought-after. It is worth your time to research and plan before you invest in precious metals. Here's how to open a precious-metal IRA account.
There are two main types to precious metal accounts. The physical precious metallic accounts and the paper gold-silver certificates (GSCs). Each type of account has its own advantages and disadvantages. GSCs and physical precious metals accounts can offer diversification, but they are difficult to trade and easy to access. You can read more about them below.
Physical precious Metals accounts consist of bullion, bullion, and bars. This option is great for diversification, but it has its drawbacks. The costs involved in buying, storing and selling precious metals can be quite high. Their large size makes it difficult to transport them between locations.
The silver and paper gold certificates are also relatively affordable. In addition, they're easily accessible and traded online. These make them ideal for people who don’t want to invest directly in precious metals. They aren’t as diversifiable as their physical counterparts. These assets are also supported by government agencies, such as the U.S. Mint. Inflation rates could cause their value to drop.
Choose the best account for you financial situation when opening a precious metal IRA. These are some factors to consider before you do this:
- Your tolerance level
- Your preferred asset allocation strategy
- How much time are you willing to put in?
- Whether or not you plan on using the funds for short-term trading purposes
- What type of tax treatment do YOU prefer?
- Which precious metal(s) you'd like to invest in
- How liquid can your portfolio have to be
- Your retirement age
- Where you'll store your precious metals
- Your income level
- Current savings rate
- Your future goals
- Your net worth
- Any special circumstances that may affect your decision
- Your overall financial picture
- Preference between paper and physical assets
- You are willing to take chances
- Your ability and willingness to accept losses
- Your budget constraints
- Financial independence is what you want
- Your investment experience
- Your familiarity and knowledge of precious metals
- Your knowledge of precious metals
- Your confidence 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 are often found by word of mouth referrals or online research.
After opening your precious metal IRA you will need to decide how big you want it to be. Every precious metal IRA account will have a different minimum initial deposit amount. Some require only $100, while others will allow you to invest 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. However, a smaller initial deposit might work for you if your goal is to invest less money each month.
As far as the actual precious metals used in your IRA go, you can purchase any number of different types of investments. Here are some of the most common:
- Gold – Bullion bars, rounds, and coins
- Silver – Rounds or coins
- Platinum – Coins
- Palladium-Bar and Round Forms
- Mercury – Bar and round forms
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