How to Buy Bonk Coin – Beginners Guide for 2024

Bonk (BONK) is a popular meme coin that has increased by over 35,000% since it was launched. As meme coin prices surge across the market, Bonk is currently experiencing new all-time highs.

Wondering how to gain exposure to Bonk’s success? In this guide, we explain how to buy Bonk Coin in the fastest, safest, and most cost-effective way.

Step 1: Choose a Crypto Exchange

The first step is to choose a suitable crypto exchange. Your chosen exchange should offer a safe and secure trading experience. Explore how much the exchange charges to buy and sell Bonk. What’s more, consider what payment methods are supported.

Overall, one of the best crypto exchanges to buy Bonk is MEXC. For a start, this popular exchange doesn’t levy trading commissions. This means you only need to cover the spread, which is minimal.

Moreover, MEXC has audited proof of reserves, meaning it has enough capital to cover customer deposits. We also like that MEXC has partnered with reputable fiat gateways. This means you can buy Bonk Coin with Visa, MasterCard, and other popular payment methods.

That said, many other crypto exchanges list Bonk, so you might also consider the following options:

• Binance: Binance charges trading commissions of 0.1% and offers premium liquidity.
• OKX: A great option for first-time investors, OKX supports debit/credit cards and local bank transfers. In addition to Bonk, OKX supports hundreds of other popular cryptocurrencies.
• Bybit: Offers an advanced trading platform to speculate on Bonk. Bybit users have access to technical indicators, custom charts, and in-depth order books.

Step 2: Decide Your Investment Budget

Meme coins like Bonk are inherently risky and speculative. Put otherwise, people buy Bonk Coin with one sole objective – to make money. This means that prices will rise and fall based on FOMO (fear of missing out) rather than anything tangible.

With this in mind, it’s crucial to consider your investment budget. The simple rule is to never invest more than you can afford to lose. This is because the value of your Bonk investment could go to zero.

That said, if you believe that Bonk offers long-term value, you might also consider dollar-cost averaging. This means investing small amounts into Bonk every day, week, or month. This will average out your cost basis, making your portfolio less prone to volatile pricing swings.

We should also note that Bonk is considered one of the best penny cryptocurrencies. This is because currently, 1 Bonk Coin would cost you just $0.0000384. As such, you can invest small amounts and still secure a large number of coins.

Here’s a table showing how many Bonk Coins you’ll get based on current prices.

As you can see from the table above, an investment of just $10 would get you 2,604,166 Bonk Coins. In contrast, the same investment in Bitcoin would get you a tiny fraction of 1 BTC.

Step 3: Research Bonk

Now that you’ve considered your investment budget, it’s time to do some independent research. This means exploring Bonk’s investment thesis, rather than buying it because it’s trending.

For a start, remember that Bonk is a meme coin, so it doesn’t have any utility. As per the Bonk website, its sole objective is to “become the #1 community coin in web3″. Therefore, this verifies that Bonk’s success is dependent on FOMO, hype, and speculation.

You should also research Bonk’s price history. CoinMarketCap is the best source. According to CoinMarketCap data, Bonk was launched on December 31st, 2022 at $0.0000001487. Data also shows that Bonk hit all-time highs on March 4th, 2023 – reaching $0.00003966. This represents gains of over 35,000%.

As such, now could be one of the best times to invest in Bonk. Should Bonk continue its upward climb, some predictions see it reaching as high as $0.00010.

Your Bonk research should also include the market capitalization. Based on current prices, Bonk is valued at $2.5 billion. This makes Bonk the fourth most valuable meme coin behind Dogecoin ($24 billion), Shiba Inu ($17 billion), and Pepe ($3.2 billion).

Step 4: Open an Exchange Account

So far, you’ve chosen a crypto exchange, assessed your investment budget, and conducted independent research on Bonk. The next step is to open an account with your preferred exchange.

Hereon, we’ll explain the investment steps with MEXC. That said, the steps are similar across most exchanges.

So, visit the MEXC website and click on ‘Sign Up’. You can open a MEXC account with an email address or mobile number. You’ll also need to choose a strong password. Verify your email/number to complete the registration process.

Step 5: Choose Payment Method and Deposit Funds

You can now make a deposit into your MEXC account. We found that the easiest option is to buy Tether (USDT) instantly with a debit/credit card. And then exchange the USDT tokens for Bonk. From start to finish, the process should take less than five minutes.

• So,  hover over the ‘Buy Crypto’ button and select ‘Debit/Credit Card’.
• Underneath ‘I Will Spend’, choose your preferred fiat currency. Options include GBP. EUR, USD, JPY, KRW, and many others.
• Underneath ‘I Will Receive’. select ‘USDT’.

Next, type in the amount of money you want to invest. In our example below, we’re buying $300 worth. Below the deposit form, you’ll see a list of fiat gateways (e.g. Banxa, Moonpay). MEXC selects the best option based on real-time prices.

Once you’ve confirmed everything, you’ll be redirected to the fiat gateway. This requires a quick KYC process, meaning you’ll need to provide some personal information. You also need to upload a government-issued ID.

Finally, you’ll be asked to type in your payment details. Check everything is correct before confirming the purchase.

Step 6: Place Your Bonk Order

To reiterate, you’ve just used a debit/credit card to purchase USDT. This means you now have an account balance, which you can use to buy Bonk Coin. What’s more, the most liquid pair to trade is BONK/USDT, so you’ll have no issues entering the market.

So, hover over ‘Spot’ and click on ‘Spot’. This takes you to the MEXC trading dashboard. On the right-hand side, type in ‘BONK’ and select ‘BONK/USDT’.

You’ll now see the live charting screen for Bonk. Scroll down below the pricing chart and look for the order form. You’ll want to change the order type from ‘Limit’ to ‘Market’. This means that once you place your Bonk order it will be executed immediately.

There are two separate order boxes. The one on the right with the red box is for selling Bonk. You want to buy Bonk, so focus on the left box with the green order button.

Below the ‘Amount’ field, move the scrollbar right until it hits 100%. This means you’re using 100% of your USDT balance to buy Bonk. If you wish, you can reduce the amount accordingly.

Finally, click on the ‘Buy BONK’ button. As you’ve opted for a ‘Market’ order, the Bonk Coins will show in your MEXC wallet in seconds.

Step 7: Store and Monitor Your Bonk

And that’s it – you’ve learned how to buy Bonk Coin. However, the investment process doesn’t stop there. Currently, your Bonk Coins are being stored in your MEXC wallet.

We’d suggest withdrawing them to a private wallet. This gives you full control of your coins. Meaning – you can send and receive Bonk whenever you want, without needing permission from MEXC.

Now, unlike other popular meme coins, Bonk operates on the Solana network. This means you’ll have fewer options. Nonetheless, one of the best crypto wallets for storing Bonk is Best Wallet. This non-custodial wallet is free to use, available as an Android/iOS app, and great for diversification. It also supports the best ERC-20 tokens, not to mention Binance Smart Chain.

Another option is Zengo, which also comes as a mobile app. We found that Zengo offers the perfect balance between user-friendliness and security. It splits your private keys across multiple trusted servers, meaning there’s no single point of failure. If you forget your login details or lose your mobile device, you can recover access via three-factor authentication.

If you’re planning to invest large amounts in Bonk, a cold wallet might be the better option. Two of the best cold wallets for storing Bonk are Trezor and Ledger Nano.

What is Bonk Coin?

Bonk Coin is a cryptocurrency that was launched on December 31st, 2022. It was built on the Solana blockchain, meaning holders benefit from fast and cost-effective transactions. At its core, Bonk Coin is a meme coin. This means its value is dictated by hype and speculation.

That said, Bonk Coin has since integrated with other projects in the Solana ecosystem.  This includes decentralized exchanges, casinos, gaming platforms, wallets, and NFT marketplaces. While this gives Bonk Coin some use cases, it’s still largely a speculative investment.

This means people buy Bonk Coin solely to make money, rather than engage with its ecosystem. According to the Bonk website, the project now has over 619,000 wallet holders. It’s also listed on most tier-one exchanges, including MEXC, Coinbase, Binance, and Kraken.

Is Bonk Coin a Good Investment?

Wondering whether to buy Bonk Coin in 2024? Here’s what to consider before proceeding.

Solid Price Performance to Date

Bonk Coin was launched in the midst of the bear market. Bitcoin was trading below $17,000, and FTX had recently declared bankruptcy. Nonetheless, Bonk was initially priced at $0.0000001487.

In just over a year, Bonk hit $0.0000384. This means it has returned early investors over 35,000%. This makes Bonk one of the best-performing cryptocurrencies in recent years.

Meme Coin Price Surge

Bonk Coin experienced a slight market correction late last year, but as the crypto market rallies, Bonk is reaching new all-time highs.

If you’re planning to buy Bonk Coin, then you’re doing so in the middle of a meme coin bull run. This means there is potential for huge gains if Bonk continues on its upward trajectory.

Much Smaller Market Cap Than Dogecoin and Shiba

We mentioned that Bonk is the third-largest meme coin by market capitalization. However, it’s still considerably smaller than Dogecoin and Shiba Inu. These meme coins are currently valued at $24 billion and $17 billion, respectively.

In contrast, Bonk Coin has a market capitalization of $2.5 billion. So, if Bonk can keep up with the bull market, it has plenty of upside to target.

Get a Huge Number of Bonk Coins With a Small Investment 

If you invested $100 into Bitcoin based on today’s exchange rate, you would get just 0.000015 BTC. Put otherwise, you’d need over 60 thousand dollars just to buy one full Bitcoin.

Now compare this to Bonk Coin. Based on its huge circulating supply, you can buy Bonk at a tiny fraction of a cent. In fact, a $100 investment would get you over 2.6 million coins. This means you can own a large number of coins without breaking the bank.

For those wondering what the future holds for BONK, our Bonk coin price prediction forecasts what this meme coin could do in the years leading up to 2030.

Plenty of Liquidity for Retail Clients

We mentioned that Bonk currently has a market capitalization of $2.56 billion. What’s more, in the prior 24 hours, nearly $1.4 billion worth of Bonk Coins have been traded. This means that there’s plenty of liquidity in the market.

Even if you’re investing large amounts, you’ll have no issues entering and exiting trades at favorable prices. So, whenever you’re ready to cash out, you can do this any time, 24/7.

Conclusion

In summary, Bonk Coin is one of the most popular meme coin investments for 2024. Having explored where to buy Bonk Coin, we found that MEXC is the best option.

You can buy and sell Bonk at 0% commission in a safe environment. What’s more, MEXC accepts debit/credit card payments for added convenience.

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