Solana blockchain enthusiasts are incredibly intrigued by Bonk crypto – why? Because it is the first dog-themed coin on the blockchain, said to be created by the people and for the people. When BONK crypto was launched, the price of SOL token surged by a whopping 34% within just 48 hours.
In this article, we will explain what Bonk is, and how you can buy it. We have outlined steps to purchase BONK from two of the most popular exchanges where it is listed: Gate.io and MEXC Global.
What Is Bonk (BONK)?
BONK, the first dog-themed coin on Solana, was created “for the people, by the people”. On December 25, 2022, 50% of the total BONK supply was airdropped to the Solana community. This launch was similar to those of Shiba Inu (SHIB) and Dogecoin (DOGE) memecoins.
BONK tokens were randomly distributed to Solana NFT collectors, developers, and artists. The specifics of the airdrop are not currently known. The project has limited online presence, which is mainly through a Twitter account.
Trading of BONK began on December 30, 2022 and sparked real excitement within the crypto community. This event also caused the price of the SOL token to surge by 34% in 48 hours.
The team’s aim is to restore liquidity to Solana-based decentralized exchanges (DEXs). The developers have come up with a concept of a full-fledged community coin, which can be used in all dApps built on Solana. Every user of this coin will be part of the ecosystem, giving them a fair chance to benefit from the advantages.
Projects built on the Solana blockchain have enabled users to make payments for Non-Fungible Tokens (NFTs) using BONK, and to earn BONK tokens by staking NFTs.
Founders of Bonk
As of April 2023, the team behind the Bonk project is still anonymous. There is no comprehensive whitepaper for investors on the official website, but visitors can view the one-pager and bonk-paper, which provide information on token distribution and integration details.
Total supply of BONK
Almost 100 trillion BONK coins have been created in total. As part of the team’s plan, 50% of the supply was distributed to Solana users, including artists, creators, and those who are active in the community.
BONK Tokens were distributed as follows:
40 Solana NFT Collections (297K individual NFTs): 20%
Early Contributors: 20%
Early OpenBook Traders: 15%
Solana Collectors and Artists: 10%
Solana Developers: 5%
Team Development: 5%
Bonk DAO: 15%
Marketing: 5%
Initial Liquidity: 5%
There are currently 56 trillion BONK tokens in circulation.
Where To Buy Bonk (BONK)?
You can buy BONK on cryptocurrency exchanges such as MEXC Global, Gate.io, Huobi, and BitMart.
At the time of writing, Solana’s first dog-themed coin, BONK, is not yet listed on leading crypto exchanges such as Binance, Crypto.com, and Coinbase. As a result, buying BONK coins may be challenging for some people.
How To Buy Bonk (BONK)?
In this article, we have explained the step by step process of buying BONK. This article outlines the process for purchasing BONK on two exchanges: Gate.io and MEXC Global. We provide a step-by-step guide for each exchange.
Gate.io:
Since its founding in 2013, Gate.io has been at the forefront of the cryptocurrency exchange industry, providing users with the ability to trade a wide range of digital assets.
To Buy BONK from Gate.io follow these steps:
Step 1: Create an account on Gate.io
In order to create an account on Gate.io, you will need to provide your email address/phone and a strong password.
- Click on Sign Up on Gate.io to create an account.
Step 2: Get Verified on Gate.io
You must verify your account on the Gate.io exchange in order to access additional features. To do this, you must provide a valid government-issued ID for identity verification.
- Click on the Profile icon > KYC & Security.
- Click on Verify Now.
Step 3: Buy a Stable Coin
After you have been successfully verified, you will then be able to purchase a stable coin. Buy USDT to buy BONK on Gate.io.
- Click on Buy Crypto then buy USDT.
Step 4: Buy Bonk (BONK)
After Purchasing USDT on Gate.io you can trade it with BONK.
- Click Trade > Spot Trading.
- Search For BONK and Convert Your USDT coins to BONK coins.
MEXC Global:
MEXC Global was established in 2018 and is accessible in almost all countries, including highly regulated ones like the US, Australia, and Canada. The trading platform provides multiple markets and tools to enable customers to quickly commence cryptocurrency trading according to their preferences.
Buying BONK coins on MEXC Global is the same process as buying them on Gate.io.
Step 1: Create an account on MEXC Global
To create an account on MEXC Global, users will need to provide an email address/phone number and password. Once the account is created, users will then be required to complete the account verification process.
- Click on Sign Up on MEXC website to create an account
Step 2: Get Verified on MEXC Global
The account verification process involves providing additional personal information such as name, address, and phone number. Users will also be required to provide a valid government ID and proof of address. Once the verification is complete, users will be able to access the full range of features available on MEXC Global.
- Click on the Profile icon > Identification
- Click on Verify Now
Step 3: Buy a Stable Coin
Once the account is verified, users can buy a stable coin such as USDT. This can be done by clicking on the “Buy Crypto” tab and selecting the USDT option. Users will then be able to enter the amount of USDT they would like to purchase.
- Click on Buy Crypto then buy USDT
Step 4: Buy BONK
After the user has purchased the USDT, they can then proceed to buy BONK.
- Click Trade > Spot Trading
- Search For BONK and Convert Your USDT coins to BONK coins.
Also Read: All About Metacade (MCADE): What Is It & How To Buy It
[Disclaimer: The content of this article is not intended as financial advice, and should not be construed as such. Neither readaboutcrypto.com nor the author is responsible for any investment decision made by any reader.]