The token also serves primarily as a form of payment and was adopted by Elon Musk’s Tesla. 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. Solana’s NFT collectors, developers, and artists were the main recipients of the random BONK airdrops, though further airdrop specifics are hitherto undisclosed.
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Presently, the project maintains a minimal digital presence except for its active X (formerly Twitter) profile. BONK now has over 350 Onchain integrations built by the community across many verticals. If you are a beginner, we recommend that you check out our guide on how to buy cryptocurrency safely.
These people believe that other chains are better than Ethereum for long-run use, with features such as faster transactions and lower costs. BONK has swiftly risen to prominence as a top meme coin within the cryptocurrency realm, despite being just about a year old. This recognition positions it well to further solidify its presence in the crypto space, potentially paving the way for collaborations and partnerships with other projects. These associations could contribute to increased exposure, expanding engagement, growing the community size, and ultimately augmenting its value.
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BONK is a multi-utility token used as a medium of exchange between supporters of the Bonk ecosystem in a decentralized manner. It serves as a a secure mode of payment and settlement between participants who interact within the Bonk ecosystem. The live price of BONK is available and updated in real-time on Binance. The ambition of the creators is to rejuvenate liquidity on Solana’s decentralized exchanges.
They designed BONK as a comprehensive community coin integrated across Solana-built decentralized apps with the vision of a collaborative ecosystem where everyone benefits equitably. This strategic choice facilitated faster scaling and endowed the token with a tangible “utility” aspect despite its meme coin nature. Originally founded in China, Binance holds the distinction of being the largest crypto exchange by trading volume, with a daily trading volume of $76 billion recorded approximately a year ago. Its inception in 2017 led to becoming the world’s largest exchange within a mere 180 days, and it presently caters to numerous countries.
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For investors eyeing BONK, Binance emerges as an excellent option due to its provision of multiple trading pairs, including USDT, TRY, FDUSD, and more, enabling diversified purchasing avenues for the token. Bonk coin is one of the newest of some 20,000 cryptocurrencies in existence, and like almost all coins, its price is not backed by anything more than the sentiment of traders who want how do tangible and intangible assets differ to buy and sell it. This setup makes Bonk coin — and most cryptocurrency — a risky investment proposition. The Bonk cryptocurrency (symbol BONK) is based on Solana, one of the most popular coins, and so it’s integrated with the larger Solana ecosystem.
However, it’s essential to possess the required trading pair, which can be obtained directly on the exchange or deposited from another wallet. According to the one-pager, BONK is the first dog-themed coin on Solana “for the people, by the people” with 50% of the total supply of the cryptocurrency airdropped to the Solana community. BONK is similar to Shiba Inu (SHIB) and Dogecoin (DOGE) memecoins, it was launched on December 25, 2022, and led to an increase in the price of the SOL token (a rise of 34% in 48 hours). Trading began on December 30, 2022, arousing genuine interest from the crypto community. During Christmas in 2022, the BONK initiative, as a project constructed on the Solana ecosystem, distributed tokens through airdrops to many of its users. It was conceived as a potential frontrunner in the Web3 space’s community coin arena.
However, they did burn their supply of the tokens to support price appreciation. Regarding the Bonk team, they prefer anonymity till now (January 2023) and investors lack a complete whitepaper at their disposal. However, a one-pager and bonk-paper are available online outlining token distribution, integration information, and blockchain explorer links.
As a relatively new cryptocurrency in the meme sphere, BONK is experiencing high engagement levels in its current phase. Sustaining this engagement over time, according to Jacob Bury, could facilitate further scalability and a substantial price increase. The exchange proves to be an excellent option for potential BONK investors, offering seamless token purchases and safe storage within what it claims to be one of the safest online wallets globally. Originally based in the U.S., Coinbase functions as a crypto trading and investment platform, allowing users to easily buy, sell, exchange, and securely store cryptocurrencies. Users can access learning resources and engage in spot, margin, and futures trading on this platform.
- Still, some centralized or decentralized exchanges might offer the option to buy the token using these cards, making it worth exploring while considering adding the token to your portfolio.
- Coinbase wallet is a great option for those looking for more security but do not want the hassle of a physical device.
- However, at present, the token is exclusively available for purchase in the USDT pair, necessitating users to hold USDT to buy BONK from the MEXC exchange.
- Originally based in the U.S., Coinbase functions as a crypto trading and investment platform, allowing users to easily buy, sell, exchange, and securely store cryptocurrencies.
- Another key perk of this project is that a portion of the treasury has been dedicated to charitable causes, which means the more Dogecoin20 grows, the more people will be helped.
- Founded in 2018, this exchange has swiftly become a primary hub for enthusiasts interested in both popular and lesser-known meme coins.
Overall, BONK has displayed healthy and promising growth, potentially indicating further expansion. These risks are substantial, and traders in cryptocurrency must be prepared to lose their entire investment. As a memecoin, Bonk has benefited tremendously from social media such as TikTok, which has helped drive interest in the coin and contributed to the rapid growth during its short existence. Bonk has a maximum supply of 93 trillion coins, and more than 68 trillion have already been created, according to CoinMarketCap.
The tokens would remain with the platform until both parties confirm the PayPal payment, after which they would be released to your wallet. As mentioned previously, BONK was initially introduced through an airdrop to many ecosystem participants before its official launch in the market. However, unlike many of its counterparts, the token did not follow a typical price trajectory characterized by sharp rises followed by significant plunges that persist for several years.
A massive portion of its initial supply was distributed for free to the Solana community, helping generate support and enthusiasm for the project. The offers that appear on this site are from companies that compensate us. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. Its founders have remained anonymous since the inception of the project.
Headquartered in Seychelles, MEXC exchange holds official licenses for representation in countries like the USA, Canada, Switzerland, and Australia. With over 180 trading pairs available, the platform offers a vast array of cryptocurrencies within the DeFi, metaverse, and meme sectors. Certain cryptocurrency wallets, like Moonpay, facilitate direct token purchases, including BONK. Additionally, if available, you might have the option to purchase tokens using GPay or similar payment methods.
Yes, BONK i s available on multiple centralized exchanges like MEXC, Binance, Coinbase, KuCoin and more. BONK is built on the Solana chain, which is a cheaper and faster alternative of the famed Ethereum chain. Meanwhile, check out our Coinbase vs Binance guide to discover the one that delivers the best services among the two. Additionally, the exchange features a dedicated version of its platform specifically tailored for U.S. citizens, as the original platform is restricted in the country.