BONK

What is BONK?

BONK is a Solana-based (SOL) memecoin that was airdropped to the Solana community on Christmas day 2022. The crypto project’s mascot is a Shiba Inu dog, inspired by a popular memecoin called Dogecoin (DOGE).

In the third week of December 2023, BONK surged over 100% after the token was listed on Coinbase – the biggest crypto exchange in the US by trade volume.

Techopedia Explains Bonk Crypto

A memecoin is a cryptocurrency that is inspired by internet memes, jokes, and satire. Memecoins are not designed with a specific use case in mind however, as a memecoin’s community and popularity grows, the project may build an ecosystem centered around the meme cryptocurrency.

The BONK cryptocurrency exists on the Solana blockchain, which is one of the most valuable layer one (L1) blockchains in the world.

According to BONK’s whitepaper, the project aims to be a “community coin of Solana” that will be used across many decentralized applications (DApps). BONK said that it will “flip the script” on “predatory VC (venture capital) tokens that preyed on the wider Solana Community” by giving power back to the people.

BONK aims to do this by airdropping 50% of its total supply to “NFT degens and DeFi traders”, artists, and collectors on Solana.

BONK Tokenomics

Tokenomics refers to the study of the supply, distribution, and demand of a cryptocurrency.

Below, we have compiled some important information that BONK investors will find useful.

• BONK was the third largest meme coin by market cap, after DOGE and Shiba Inu (SHIB), as of mid-December 2023.
• It was the 43rd largest crypto by market cap as of mid-December 2023.
• BONK is one of the biggest crypto gainers (up 10,000%) in 2023 among the top 100 cryptos in year-to-date terms as of mid-December 2023.
• It was priced at $0.00002956 and held a fully diluted market capitalization of $1.79 billion as of mid-December 2023
• BONK has a maximum supply of 100 trillion coins.
• 60 trillion BONK tokens were in circulation as of mid-December 2023.
• BONK’s Solana contract address is DezXAZ8z7PnrnRJjz3wXBoRgixCa6xjnB7YaB1pPB263

Here is how BONK was distributed when it was originally airdropped in December 2022, according to the BONK whitepaper:

Pros and Cons of BONK

Is BONK a good crypto investment? What are the pros and cons of BONK? Let’s find out.

How to Buy BONK?

You can buy BONK using your debit card, credit card, digital wallet, and online banking on CEX. Buying BONK on CEX is easy and convenient as fiat-to-crypto conversions are available. However, you will need to send your BONK tokens to a crypto wallet to use it on dApps.

You can also buy BONK directly from your crypto wallet via crypto swaps on DEXs. For example, on Solana-based DEX called Raydium, you can exchange your SOL token for BONK coins. Please note that you will have to pay the gas fees quoted in SOL to process the transaction.

Where to Buy BONK Coin?

Where can you buy BONK coins? You can do it on centralized exchanges (CEX) like Coinbase and on decentralized exchanges (DEX) like Raydium.

Buying BONK on CEXs

Here is the list of some of the CEXs where you can buy BONK:

1. Coinbase
2. KuCoin
3. Binance
4. Bybit
5. Bitget
6. MEXC

Buying BONK on DEXs

You will only find BONK on Solana-based DEXs. Here is a list of DEXs where you can buy BONK:

1. Raydium
2. Orca
3. Jupiter
4. OpenOcean
5. BonkSwap

Ethereum users can gain exposure to BONK by buying Wrapped BONK tokens. Wrapped tokens represent the market value of another token. Wrapped BONK will track the market price of Solana-native BONK.

The Bottom Line

BONK’s over 10,000% gain in 2023 is incredible, even by crypto standards. No wonder we are seeing increased interest in the Solana-based meme coin.

If you are interested in buying BONK, please do your own research (DYOR), be mindful of the fear of missing out (FOMO), and remember that meme coin trading is extremely risky.