Bonk ($BONK) is a meme-based cryptocurrency that operates on the Solana blockchain. It was launched on December 25, 2022, and has quickly gained popularity and recognition within the crypto community. It is often compared to other well-known meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) due to its dog-themed branding and community-driven approach. It gained popularity through a significant airdrop to the Solana community, to position itself as the “Community Coin of Solana”. If you are new to cryptocurrency and wondering how to get started with buying and selling, this guide will walk you through the process.
Why Choose Bonk ($BONK)?
Bonk has a total supply of a staggering 93 trillion tokens, with over 66 trillion that is already in circulation. A major portion of its initial supply (50%) was distributed through an airdrop to the Solana community, which helped in creating early excitement and support for the project. Bonk has a burning mechanism, where a percentage of tokens from each transaction is permanently removed from circulation. This tactic increases scarcity and improves the value of remaining tokens over time.
The Bonk ecosystem also includes many projects such as Bonk Swap (a decentralized exchange), Bonk Vault (a wallet for storing BONK and other crypto), and Bonk Rewards (which helps users lock their tokens for rewards). These features are designed to promote user engagement and improve the overall utility of BONK within the crypto space.
BONK is also accepted as a payment option across different Solana-based decentralized applications (dApps) including for NFT Minting. Users can also participate in staking through platforms like BonkVault and earn rewards by locking their BONK tokens. This token has also been integrated into different gaming platforms, as an in-game currency.
Market Performance
As of December 2024, Bonk has seen huge market activity, with its market capitalization reaching approx $2.7 billion at its peak. However, just like many meme coins, its price is highly volatile and mostly influenced by market trends and community sentiment. Recent trading data shows BONK is priced around $0.000037 with a notable trading volume.
How To Buy Bonk ($BONK)?
The following steps are to be considered while buying Bonk ($BONK) Coins;
1. Set Up a Wallet That is Compatible With Solana
Before you purchase BONK, you need a wallet that supports Solana tokens. Some popular options are Phantom Wallet, Solflare Wallet, and Trust Wallet. Then set up your wallet by visiting the official website of the wallet and following the download instructions. Double-check whether it is a legitimate source to avoid scams. Create a new wallet and secure it by setting a seed phrase. Store this securely as anyone with this phrase can access your funds. Fund your wallet with SOL, to cover the transaction fees on the Solana network. You can buy SOL on major exchanges like Binance or Coinbase and then transfer it to your wallet.
2. Choose an Exchange
Once your wallet is set up and funded with SOL, you can move on to choosing an exchange. There are two main methods: either use centralized exchanges (CEXs) or decentralized exchanges (DEXs). If you prefer using a DEX, platforms like BonkSwap, Orca, or Raydium are there to swap SOL for BONK. Other popular options are Binance, Coinbase, Kraken and KuCoin.
3. Create an Account
Once you have selected an exchange, you should create a free account. You will have to provide your email address and also create a password for it. Some platforms also require you to do KYC (Know Your Customer) to verify your identity. Once you set up an account, fund your wallet and connect it to the DEX. Select a trading pair and enter the amount of BONK you wish to buy.
4. Purchase BONK
All that is left now is to approve the transaction and BONK tokens will appear in your wallet. Make sure to secure it by using 2FA or transfer it to a software or hardware wallet for added security.
How To Sell Bonk ($BONK)?
When you want to sell your $BONK, the process is similar to purchasing, just do it in reverse. Connect Wallet to DEX then choose the trading pair. Mention the amount of $BONK you wish to sell and confirm the swap in your wallet. Once the transaction is confirmed, your chosen currency will be credited to your wallet. You can also sell through centralized exchanges by placing a sell order. For fiat sales, select your payout method and confirm the transaction. Once confirmed, you will receive your funds in the selected format.
Final Thoughts
Well, there you have it on how to buy and sell $BONK. It has gained a lot of popularity due to its community-driven approach. The Bonk community participates in governance decisions through the Bonk DAO (Decentralized Autonomous Organization), which allows token holders to vote on proposals that influence the future direction of the project.
Bonk is designed to be accessible across multiple blockchain networks, which improves its usability and allows holders to use BONK tokens no matter which blockchain they prefer. As with any meme coin, it is important to be very cautious and do in-depth research before you decide to invest in $BONK. Meme coins are popular for being volatile and carry risks. So make sure to be vigilant while making the decision to buy or sell this coin.
Disclaimer: Please note that this is not financial advice and is curated based on public information.
