What Is Bonk Coin? A brief Guide
Bonk coin was launched on December 25th and is Solana’s first dog-inspired meme coin. The Bonk coin is an instant hit and has already seen 50 integrations on the network in the last two weeks. Further, what is Bonk Coin page of the project’s whitepaper describes it as a community coin usable across many DApps on the network.
In addition to unique features, traders are piling into Bonk, and its price boosted by three digits last week, thus proving a game changer for Solana and the entire cryptocurrency market.
The Bonk coin yielded more than $20 million in trading volumes, which is enormous considering the recent slump in the cryptocurrency market. However, this should not be a surprise, as this is how the crypto sector operates.
Let us look closely at the Bonk coin and the factors behind its enormous success.
Buying Bonk Coin
Since its inception, Bonk’s trade has been off-the-charts; therefore, many people are interested in buying Bonk cryptos. Bonk has been listed on several crypto exchanges; however, you cannot purchase it directly with fiat currency.
However, buying Bonk is still easy; you first need to exchange your fiat currency with any famous cryptocurrency like Bitcoin or Ethereum and then convert them to Bonk cryptos.
Let us walk you through the steps to buy Bonk.
Register on Fiat-to-Crypto Exchange
Firstly, you need an account with a fiat-to-crypto exchange like Coinbase or Uphold.com. However, the selection of a platform is essential as they are the ones who will trade and hold your Bonk coins.
Therefore, select an exchange that offers the following facilities:
- Low transaction fees
- A large number of tradable coins
- High-security features
- User interface and user experience
- Method of purchase
Once you have opened an account, you are good to proceed further.
- Purchase Cryptocurrency
After passing the KYC process, you can convert your fiat money to other famous and fastest cryptocurrencies. It is critical to proceed further with the purchase of Bonk coins.
- Trade Bonk
Once you have cryptocurrency in your exchange account, you can buy Bonk. Follow the below steps to purchase Bonk:
- Go to the trade option of your exchange’s portal
- Select the Buy option
- Search for Bonk coin
- Enter the amount you want to spend or provide the quantity of Bonk coins you intend to buy
- Click the Buy button
- Authorize transaction
- Receive Bonk coins
There you go! You are now part of the Solana ecosystem.
- Storing Bonk Coins
Lastly, it would be best if you secured your Bonk coins. In addition to holding coins with your exchange, you can have your wallet (hot or cold).
Bonk Coin Price Valuation
Cryptocurrency, in general, and meme coins, in particular, are highly speculative. Despite the recent price hike of the Bonk coin, many experts are uncertain about the sustainable growth of the Bonk coin. However, current trends suggest otherwise.
For instance, on December 24th, only 205 wallets had Bonk coins. But the number is 100,000 today, which tells just how amazing the price of the Bonk token has emerged in the last couple of weeks.
At the time of writing, the coin’s price is up by 1651% compared to December 24th. However, it is down by 54% from the price 24 hours ago. Furthermore, the current trading price of Bonk is $0.00001992, which is very small and thus has growth potential.
In contrast, meme coins are highly volatile, so the future of Bonk coins remains uncertain. It may show an upward trend, but exponential growth seems challenging as the market moves forward. While it may not seem a surprise, this is how much coins have performed in the past.
The Future of Bonk Coin
The one-page Bonk whitepaper explains that the project’s team will push for integrations in 2023. In addition, they are planning to generate cohesion between the Bonk coin and Solana projects. Furthermore, their ambition is to use Bonk as a Solana Program Library (SPL) token, which will operate across the Solana network.
Similarly, Bonk coin’s recent excellent financial performance has also brought life to Solana’s other projects. Conversely, Solana was the worst affected cryptocurrency during the FTX disaster. However, it has managed well and has come out all guns.
Based on recent events and history, we can conclude that Bonk coin and Solana are expected to perform better. But it depends on numerous controllable and uncontrollable factors. So, keeping yourself updated with the latest market trends is key to making returns from the Bonk coin.
Right Time To Invest In Bonk Coin
Many may suggest investing in Bonk coin right now, which may come true as its current value has massive improvement space. So, a recent surge is not all speculative but is backed by Solana’s carefully crafted move.
However, since cryptocurrency projects are highly speculative, we always suggest seeking professional advice and doing extensive homework before investing in Bonk coins.
Frequently Asked Questions
Is Bonk coin a safe investment?
It is tough to say as cryptocurrency investment is highly volatile since the market is an infant, and you cannot precisely predict the future of any particular token. Therefore, it is highly uncertain about tipping Bonk coin is a safe investment. As always, we recommend carefully market behavior and seeking advice from professionals before investing in cryptocurrency, including Bonk.
Where can I buy Bonk coins?
Almost all major crypto exchanges are currently trading Bonk coin; for instance, you can purchase the token from the following marketplaces:
How many Bonk coins are left?
Out of a gross supply of 94.15 trillion, 56 trillion Boken coins are in circulation.
Where are Bonk coins mined?
Bonk coins are not mined, as they are based on the Solana network.
The Bonk coin has gained new highs in the past two weeks and has shaken the cryptocurrency universe by attracting massive investments. Therefore many investors and speculators are in search of learning about what is Bonk coin.
However, market trends suggest a short-term price hike, as the price is already down compared to last night’s value. However, despite all the upward three-digit movement, the value of the Bonk coin still has significant room for improvement. Thus, it keeps investors interested and may seek more investment.
However, based on the crypto market’s past behavior, it is highly advisable to remain careful and not put all your money in a single coin. So, stay calm and do not run with emotions, as you may see others piling up their Bonk stocks.
Bonkers are highly bullish, and we hope it stays like it. So, please share your thoughts about the Bonk coin and let us know if you have purchased it.
Signing off with the best of luck with your investment in Bonk coin. Adios!