DOGECOIN and Shiba Inu rival Bonk exploded by more than 400 per cent at the start of 2023 after the Solana-based meme-coin announced a huge airdrop.
But how can I buy Bonk?
What is Bonk?
Bonk is a Solana-based meme coin that launched in late December 2022 with a large-scale airdrop, where free tokens were sent to the cryptocurrency wallets of Solana developers, NFT collectors and NFT artists.
This included the owners of the top 40 Solana NFT projects including DeGods and Famous Fox Federation.
A total of 50 per cent of the cryptocurrency token supply was distributed through the airdrop.
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More than $20 million worth of Bonk has been traded so far and the cryptocurrency has a market cap of more than $50 million.
Bonk currently has more than 85,000 holders.
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Although Bonk has soared, the cryptocurrency is likely to follow a similar suit to other meme tokens where the price often rises rapidly before plummeting and not recovering.
CoinMarketCap has very little background on the project so far but some Solana-based projects have integrated Bonk tokens as a payment method for their NFT listings.
How to buy BONK
1) Download a Solana cryptocurrency wallet
Download a Solana-supported cryptocurrency wallet. Phantom Wallet is one of the most user-friendly wallets.
2) Set up your Solana cryptocurrency wallet
Register and set up the cryptocurrency wallet. Make sure to keep your seed phrase safe, and take note of your wallet address.
3) Purchase Solana
Once your wallet is set up, you need to purchase Solana through a cryptocurrency exchange such as Coinbase, Crypto.com or Binance.
4) Send Solana from the cryptocurrency exchange to your Solana cryptocurrency wallet
After you’ve purchased Solana, you need to transfer it from the cryptocurrency exchange to your Solana cryptocurrency wallet.
5) Choose a decentralized exchange (DEX)
There are several DEXs to choose from, however, you need to make sure the Solana wallet you select is supported by the exchange.
For example, if you use the Phantom wallet, you can use Raydium to make the transaction.
6) Connect your wallet
Connect your Solana cryptocurrency wallet to the DEX you want to use by using your wallet address.
7) Trade your Solana with Bonk
Select Solana (SOL) as the payment and select Bonk as the coin you want to purchase.
8) If Bonk doesn’t show, find its smart contract
If Bonk doesn’t appear on the DEX, you can go to https://explorer.solana.com/ and find the smart contract address.
You can then copy and paste it into the DEX.
Make sure you got the official contract address and beware of scams.
9) Apply the swap
Click on the swap button.
