The meme coin phenomenon has taken the cryptocurrency world by storm, with BONK (BONK) capturing the attention of users on the Solana network. However, in recent weeks, the cryptocurrency has witnessed a significant decline, raising questions about its future trajectory.
A Steep Decline
In the past fortnight, BONK has experienced a 41% drop in value, accompanied by a 20.8% descent in the last week alone. From its all-time high (ATH) in mid-December, the coin has plummeted by 57%. These numbers paint a picture of a struggling asset in the current market.
On December 30, 2023, BONK had an intraday trading range of $0.00001387 to $0.00001536. At the time of writing, it is being traded at $0.00001446, marking a 4.4% decline in the past 24 hours. Despite these losses, BONK is still up by an impressive 272% over the last 30 days.
Comparing to the All-Time High
With the current price of $0.00001446, BONK's value has dropped by 57% since its ATH of $0.00003416 per unit on December 15, 2023. Despite this decline, BONK remains the third largest meme coin asset by market capitalization, trailing behind DOGE and SHIB. Its total valuation currently stands at $887 million, surpassing the market cap of CORGIAI, the fourth largest meme coin, which sits at $633 million.
Supply and Distribution
As of December 30, 2023, there are 56.02 trillion BONK in circulation, held by 566,773 addresses. The top ten wallets control 33.72% of the circulating supply, while the top 20 holders command 40.49% of all BONK. The top 100 BONK holders control 55.08% of the coin's supply, with the top address alone holding 11.68%.
The Uncertain Future
As BONK's decline continues, its future trajectory remains uncertain. The market's whims could either exacerbate its downturn or pave the way for a potential resurgence. Meanwhile, other meme coins are vying for the spotlight, hoping to replicate BONK's earlier success. The landscape of meme cryptocurrencies is constantly evolving, leaving BONK's fate hanging in the balance amidst intense competition.
If you have any thoughts or opinions on BONK's recent decline, feel free to share them in the comments section below.
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How to Hold Physical Gold in an IRA
An easy way to invest gold is to buy shares from gold-producing companies. However, this method comes with many risks because there's no guarantee that these companies will continue to survive. Even if the company survives, they still face the risk of losing their investment due to fluctuations in gold's price.
An alternative option would be to buy physical gold itself. This requires you to either open up your account at a bank or an online bullion dealer or simply purchase gold from a reputable seller. This option has many advantages, including the ease of access (you don’t have to deal with stock markets) and the ability of making purchases at low prices. It is also easier to check how much gold you have stored. The receipt will show exactly what you paid. You'll also know if taxes were not paid. You are also less likely to be robbed than investing in stocks.
However, there are disadvantages. There are some disadvantages, such as the inability to take advantage of investment funds and interest rates from banks. You can't diversify your holdings, and you are stuck with the items you have bought. Finally, the taxman may ask you about where you have put your gold.
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