In this guide, we will show you how to buy Bonk, the fourth-largest meme coin by market capitalization, which has seen a meteoric rise, surging over 16,000% since its launch.
This remarkable growth is further underscored by its pivotal role in alleviating early network congestion issues for Solana. Such a significant achievement highlights Bonk’s immense potential and the opportunities it presents within the cryptocurrency landscape.
Initially recognized as a meme coin by (and for) the Solana network, Bonk is proving to be more than just a hype coin — introducing various utilities brought forth by the project’s strong development and marketing team.
This guide will break down the essential steps to buy Bonk and explore the features that make it a compelling investment opportunity in 2024.
How to buy Bonk: your step-by-step guide
Below, we’ll guide you through creating an account, buying the coin, and managing your investment, ensuring you’re well-prepared to invest in this emerging crypto.
We used Coinbase cryptocurrency exchange as an example, which is a licensed exchange. Learn more about Coinbase.
Step 1: Create your Coinbase account
(Skip this step if you have a verified account already.)
To buy Bonk (BONK), first, download the Coinbase app or visit the website and start the sign-up process. You’ll need to provide a valid ID and proof of address. Verification can take time, so ensure these documents are ready to avoid delays.
Coinbase sign-up | Source
Step 2: Add your preferred payment method
Next, add a payment method to your Coinbase account. Tap the payment method box and link a bank account debit card or initiate a wire transfer. This will enable you to fund your purchase of Bonk coin.
Coinbase deposits | Source
Step 3: Initiate a trade
On Coinbase.com, navigate to the “Buy & Sell” section. If using the Coinbase mobile app, tap the (+) Buy button on the Home tab. This will allow you to start purchasing BONK.
Coinbase ‘Trade’ interface | Source
Step 4: Find Bonk (BONK) from the list of assets
Search for Bonk by typing “Bonk” into the search bar on Coinbase. On the website, click the Buy panel to find Bonk. On the mobile app, tap Bonk when it appears in the search results to open the purchase screen.
‘BONK’ on Coinbase | Source
Step 5: Enter the amount you’d like to buy
Input the amount you wish to spend in your local currency. The app will convert this into the equivalent amount of Bonk token. You can switch between your local currency and Bonk amount using the arrow buttons.
‘Coinbase ‘Buy’ screen | Source
Step 6: Confirm your Bonk purchase
Review your purchase details by tapping “Preview Buy.” Ensure all information is correct and confirm by clicking “Buy Now.” This final step will complete your transaction for the Bonk meme coin.
Coinbase ‘Buy confirmation’ page | Source
Step 7: Bonk’d! You’ve Got Bonk
After processing, you’ll be directed to a confirmation screen. Your purchase of Bonk on the Solana network is complete. Congratulations on acquiring your Bonk token!
Order successful page | Source
Why Can’t I Buy BONK on Coinbase?
If you can’t buy BONK on Coinbase, it may be due to region-specific restrictions. For example, despite being listed as a tradeable asset on Coinbase, BONK is not available for trading in New York State (NYS).
This discrepancy often arises from regional compliance requirements, which can vary across the U.S. Sometimes, assets are available in “view-only” mode, meaning you can see the market but not trade.
Coinbase usually phases in new markets, but trading might still be unavailable in certain areas. Check the Coinbase status page for updates, and if you’re in NYS, be aware that BONK trading could be restricted due to local regulations.
What is Bonk (BONK)?
Bonk (BONK) is not just a meme coin; it’s a community-driven cryptocurrency built on the Solana network. With its playful dog-themed branding, Bonk aims to provide a fun alternative to traditional digital assets. It is primarily used within the Solana ecosystem for various activities, including trading, tipping, and interacting with decentralized applications.
Bonk gained traction quickly due to its unique airdrop strategy, where 50% of its total supply was distributed for free to the Solana community. This massive airdrop helped Bonk Coin build a loyal user base, driving its popularity and market presence.
The Bonk cryptocurrency, with its low price and high accessibility, appeals to a wide range of investors, particularly those interested in meme coins.
Despite initial skepticism surrounding its novelty, Bonk has continued to grow at an impressive rate, solidifying its position as one of the top meme coins by market cap.
Its integration within the Solana ecosystem highlights its ambition to become the ‘community coin of Solana,’ challenging more traditional, venture capital-backed tokens.
Bonk (BONK) Functionality
Bonk (BONK) offers various functionalities within the Solana ecosystem, enhancing its utility beyond just a meme coin.
Key features include BonkSwap, the protocol’s native decentralized exchange for trading meme coins, Solana tokens, and stablecoins.
BONKSWAP interface | Source
Additionally, BonkVault serves as a secure cryptocurrency wallet, providing cold storage and regular security audits to protect digital assets.
Several other projects are also starting to gain traction in the ecosystem. For instance:
| BONKBOT | A Telegram bot for buying BONK and other tokens |
| BONKREWARDS | A native reward systems program |
| MOONWALK | A project gamifying fitness with financial incentives |
| BUY BONK | Provides cross-chain support for BONK |
| POOPER SCOOPER | This tool helps you transfer unwanted assets to $BONK via Jupiter swaps. |
| OPENBONK | Allows swapping $BONK on OpenBook’s DEX |
With these tools, Bonk supports seamless trading and secure storage, making it a versatile and integrated part of the Solana ecosystem.
Bonk key facts and figures
- Launch and purpose: Launched on Christmas Day 2022, Bonk (BONK) quickly became a notable meme coin, integrated into the Solana network, driven by community support and social media hype.
- Memecoin ranking: BONK is currently the fifth-largest meme coin globally, trailing behind Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), and Wif (WIF). It has an overall rank of 54 among all cryptocurrencies.
Writer’s note: If you’re interested in Pepe (PEPE), you can learn how to buy it here.
- Market performance: Bonk (BONK) boasts a market capitalization of close to $1.3B and a 24-hour trading volume exceeding $149M, surging over 16,700% since its launch on Christmas Day 2022.
- SOL correlation: BONK shows a strong 1-year correlation with SOL, currently over 0.75/1.0, emphasizing its connection to the Solana ecosystem.
- Utility and adoption: BONK is utilized for NFT payments on platforms like OpenBook and Orca and is also incentivized for NFT staking on platforms like SolFarm and BonkStake.
- Community-driven airdrop: A massive airdrop of 50% of the total BONK supply to the Solana community, including artists and developers who made part of the numerous active community members, contributed to its fast-paced adoption.
- Token burn impact: The BONK community overwhelmingly approved a historic burn of 278 billion BONK tokens, representing almost 5% of the total supply, resulting in a 40% increase in the token’s value within 24 hours.
- Exchange and derivatives: BONK’s listing on major exchanges, including Coinbase and Binance, has significantly enhanced its legitimacy, while its availability on Bitmex for perpetual swap trading with up to 10x leverage further supports its appeal to traders.
- CEX listings: BONK was listed on Revolut in April 2024, broadening its reach in the European Union, the UK, and other eligible countries. Additional listings on major exchanges are anticipated, which could further boost its visibility and adoption.
Bonk (BONK) roadmap
Unlike traditional crypto projects with detailed roadmaps, Bonk operates on a decentralized model, primarily driven by its community. This means there needs to be a centralized team dictating a specific path for the project.
While there’s no concrete, official roadmap, the community has expressed keen interest in several areas:
- Game development: A primary focus is to create engaging games such as BONKrun that utilize the BONK token. This includes both standalone games and integrations into existing platforms.
- Infrastructure development: It is crucial to build out the core infrastructure of the BONK ecosystem. This involves creating tools, platforms, and services to support the project’s growth.
The success of Bonk largely depends on the active participation of its community. By contributing ideas, developing projects, and spreading awareness, community members play a vital role in shaping the future of the token.
What makes Bonk (BONK) unique?
BONKSWAP integrations | Source
Bonk (BONK) stands out due to its deep integration within the Solana ecosystem, which has become one of the most popular in the crypto space. As a Solana-based meme coin, Bonk leverages the network’s speed, scalability, and low transaction fees, providing users with an efficient and seamless experience.
The ultra-low price of Bonk, measured in minuscule fractions of a cent, makes it accessible to a broad audience. Investors can acquire tens of thousands of coins with minimal capital.
Its supply and deflationary mechanism further highlights Bonk’s uniqueness. With a maximum supply of 93 trillion coins, over 69 trillion have already been created. Most of its initial supply was airdropped for free to the Solana community, fostering a robust and enthusiastic user base.
Bonk also employs a “burning” mechanism, where a portion of each transaction fee is permanently destroyed, gradually reducing the supply and supporting its price.
Governance is another key feature that sets the Bonk ecosystem apart. The Bonk DAO, a decentralized autonomous organization, governs the coin and makes decisions through community voting.
This community-driven approach ensures that Bonk’s development and direction are guided by its users, reflecting the project’s mission to empower the broader Solana community and challenge traditional, venture capital-driven tokens.
Other ways to invest in $BONK
- Centralized exchanges (ByBit, MEXC): While Coinbase offers a user-friendly platform, other centralized exchanges like ByBit and MEXC may provide more trading options for Bonk (BONK). These exchanges might have different trading pairs (like BONK/BTC) or margin trading features. Remember to compare fees and features before choosing an exchange.
- Decentralized exchanges (Jupiter, Orca): For a more decentralized experience, consider using platforms like Jupiter or Orca. These DEXs operate on the Solana network (where Bonk resides), allowing users to swap Bonk directly from their crypto wallets. However, the process can be slightly more complex compared to centralized exchanges.
- Crypto payment platforms (MoonPay): If you prefer a quick and easy way to buy Bonk with your debit card, consider MoonPay. These platforms act as intermediaries and connect you with exchanges. However, transaction fees on MoonPay might be higher than those on traditional exchanges.
Risks of Bonk (and other Memecoins)
Bonk (BONK) and similar meme coins carry significant risks for investors. Firstly, unlike stocks, these cryptocurrencies are not backed by tangible assets or earnings. Their value is entirely driven by market sentiment, making them highly volatile. A sudden shift in investor interest can lead to dramatic price drops.
Secondly, the memecoin market is susceptible to fraud and manipulation. Pump-and-dump schemes are typical, where scammers artificially inflate prices before selling off their holdings, leaving investors with substantial losses.
Lastly, many meme coins, including Bonk, rely on the underlying performance of other cryptocurrencies — in this case, Solana. This interdependence exposes investors to additional risks as the value of the meme coin can fluctuate based on the parent cryptocurrency’s performance.
Bonk price prediction 2024
Bonk (BONK) has captured significant attention due to its rapid growth and unique role within the Solana ecosystem. While predicting cryptocurrency prices is inherently challenging, several factors contribute to a cautiously optimistic outlook for Bonk in 2024.
Bonk’s utility within the Solana ecosystem influences its potential Bonk price trajectory. Unlike many other meme coins, Bonk has demonstrated real-world use cases, contributing to Solana’s network congestion relief and attracting new users to the platform. This underlying utility distinguishes Bonk from its peers and could support sustained price growth.
The broader cryptocurrency market will undoubtedly impact Bonk’s performance. A bullish market sentiment can drive demand for all cryptocurrencies, including the highest price paid for Bonk. However, it’s essential to remember that meme coins are often subject to higher volatility than more blue-chip assets.
Bonk’s tokenomics – burn mechanism
Bonk’s tokenomics also contributes to its potential price appreciation. The recent token burn implemented by the Bonk DAO has reduced the circulating supply, which can positively influence the token’s price. However, the initial large supply of Bonk tokens might make achieving significant price increases challenging.
Predictions for Bonk’s price in 2024 vary widely, with analysts’ average price settling at $0.000074 (an expected 310% increase from its current price). Some experts forecast substantial growth, while others adopt a more conservative stance. It’s crucial to approach these predictions skeptically and conduct thorough research before making investment decisions.
Ultimately, the price of Bonk, like any cryptocurrency, is influenced by a complex interplay of factors. While the project’s utility and community support are positive indicators, the cryptocurrency market remains highly unpredictable. Investors should carefully consider their risk tolerance and conduct in-depth research before investing in Bonk or any other digital asset.
We have also covered several other crypto buying guides in our publication that you might consider as alternatives, including Notcoin (NOT) and the newcomer Crypto All-Stars ($STARS).
