If you have followed crypto over the past several years, you’ve heard of popular meme coins such as Dogecoin (DOGE) and Shiba Inu (SHIB). These tokens, themed after dog memes, rose to prominence overnight and saw price increases that were almost unbelievable. Most of these meme coins exist on the Ethereum chain. While Ethereum is popular, other chains exist that people are intent on using. Solana is one of these and houses the memecoin, Bonk (BONK).
What is Bonk (BONK)?
BONK is based on the Solana blockchain. During the last bull market in 2021, Ethereum provided a powerful and efficient way to create and market tokens. While Ethereum is still the second-largest token by market cap, some are starting to look at other blockchains as an alternative. These people believe that other chains are better than Ethereum for long-run use, with features such as faster transactions and lower costs.
Solana is one of these chains that crypto enthusiasts are interested in building further. Bonk was born out of this desire. Primarily used for payments and as an investment, Bonk is “the first Solana dog coin for the people by the people.”
Solana’s native token, SOL, is used for payments, governance and staking. Bonk’s founders believe that these alternative uses limit SOL’s ability to serve as a transactional token. They see Bonk as a solution to fill in the need for a pure transactional token on the Solana chain.
This idea has worked before, most notably with Dogecoin (DOGE). The token also serves primarily as a form of payment and was adopted by Elon Musk’s Tesla. Customers can pay for their cars in DOGE.
Brief History of Bonk (BONK)
BONK was released via an airdrop in December 2022. The token saw an initial price spike right after the airdrop but leveled out for most of 2023. However, in November and December of 2023, BONK’s price spiked. The token went from a market cap of less than $20 million in the beginning of November to nearly $2 billion in less than a month.
Its founders have remained anonymous since the inception of the project. However, they did burn their supply of the tokens to support price appreciation.
How to Buy Bonk (BONK)
Now that you have a basic overview of BONK, you may be interested in purchasing the token. Here’s how to buy BONK in three steps.
Step 1: Open an Online Account
The first step to purchasing BONK is to open an account on a crypto trading platform. Since BONK has only recently become popular, it is not on many exchanges right now. However, it is available on Coinbase. To get started on Coinbase, create an account using an email and verify it using a driver's license or other form of identification.
Step 2: Buy a Wallet (Optional)
While you can store your BONK on Coinbase, this does not give you full discretion over your funds and does not allow you to take full advantage of the BONK ecosystem.
Best Hardware Wallet: Ledger Nano S
Ledger is a hardware wallet that allows users to securely store crypto. It stores private keys on a physical device, so crypto can only be accessed if the device is present. Ledger wallets support the sending and receiving of Solana assets, including BONK.
Ledger offers three hardware wallets: the Ledger Nano S Plus, Nano X and the Stax. The Nano S Plus is cheaper and more beginner-friendly. The Nano X is more expensive and offers more advanced features, such as more storage and Bluetooth connectivity.
Best Software Wallet: Coinbase Wallet
Sum of median estimated savings and rewards earned, per user in 2021 across multiple Coinbase programs (excluding sweepstakes). This amount includes fee waivers from Coinbase One (excluding the subscription cost), rewards from Coinbase Card, and staking rewards. ³Crypto rewards is an optional Coinbase offer. Upon purchase of USDC, you will be automatically opted in to rewards. If you’d like to opt out or learn more about rewards, you can click here. The rewards rate is subject to change and can vary by region. Customers will be able to see the latest applicable rates directly within their accounts.
Coinbase Wallet is a wallet service provided by Coinbase. Funds are held in the wallet instead of by Cioinbase themselves. You do not need a Coinbase account to have a Coinbase Wallet. The wallet supports most of the major blockchains.
Coinbase wallet is a great option for those looking for more security but do not want the hassle of a physical device. It is also free, whereas most hardware wallets require purchase.
Step 3: Make Your Purchase
With a verified Coinbase account, you can connect your bank account and fund it. Once it is funded, you can navigate to the BONK page. On the BONK page, you can select the “Buy” button and enter the amount of BONK you want to purchase. Once you select the desired amount, you can execute the trade. You should see your BONK holding appear in your portfolio.
Bonus section: Keep an eye on new exchanges listing BONK. Coinbase recently listed the token, and the price responded positively.
Trade, Sell or Convert Your Bonk (BONK)
To get rid of your BONK, you have a few options. First, you can use a decentralized exchange (DEX) to convert the tokens. A DEX is a peer-to-peer transaction network that allows users to convert tokens for a small fee. These can be accessed with a wallet.
Additionally, you can sell your tokens on Coinbase. To do so, navigate to your position on Coinbase. From there, select the “Sell” button and enter the amount to sell. You will then receive USD in your account.
Current Crypto Prices
As 2023 ends, many are already looking at 2024 and what is to come for crypto. With the highly anticipated decisions on spot Bitcoin ETFs, Bitcoin halving and Ethereum upgrades, there is certainly some buzz around crypto at the moment. While the bulls see these as price drivers and potentially even the beginning of the next bull market, bears see these events as already priced in or traps that will lead to sharp pullbacks.
Is Bonk (BONK) a Good Investment?
Bonk likely does not much value for the end user in comparison to other projects. However, other meme coins have been in similar situations and still seen drastic price increases. While this does not mean that BONK will appreciate, a strong community could allow it to happen. It is a risky investment, so it is important to take into consideration your risk tolerance and financial goals before making an investment decision.
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About Caden Pok
Caden has been involved with crypto since 2018, when he began investing, trading, and mining tokens. He took part in undergraduate research studying cryptoeconomics at the University of Michigan, where he will graduate Phi Beta Kappa with a bachelor’s in economics in 2025. He is experienced with DeFi technology and multiple blockchains, currently investing in Ethereum and Bitcoin.