How to Buy Bonk (BONK): Solana Meme Coin Guide and Risks
Bonk is a Solana meme coin with a dog on its logo. It's one of the riskiest buys on the market, so we cover the risks first and then how to buy it step by step.
What Is Bonk?
BONK is a token on the Solana network launched in late 2022. A large share of the coins was given away for free (airdropped) to users and developers in the Solana ecosystem. The project positions itself as a "community coin."
A huge number of coins have been issued, so one costs a fraction of a cent. That doesn't mean BONK is "cheap": what matters isn't the price of one coin but the total value of all of them. The price rests solely on crowd interest, social media and listing news.
Bonk Risks: Extreme
- You can lose everything. Many meme coins have dropped almost to zero, and BONK isn't immune to that.
- The price depends on hype. Without interest on social media, demand can vanish very quickly. See pump and dump.
- Large holders. Selling big blocks can crash the price within minutes.
- Fakes. On Solana, it's easy to issue a token with the same name. Only buy on a major exchange.
Step by Step: Buying BONK on an Exchange
1. Open an account on a major exchange and check that it lists the BONK/USDT pair. Full guide: how to open a crypto exchange account.
2. Complete KYC and turn on two-factor authentication.
3. Fund your account with USDT, via P2P or with a card. Here's how to fund your account via P2P.
4. Buy BONK on the spot market with a limit order so you don't overpay during a sharp price move. More on this: limit vs. market orders.
5. When trading, a stop-loss is mandatory: it limits your loss in advance. How to choose the levels: take-profit and stop-loss. For a meme coin this is especially important: the price can crash by tens of percent in a single day. Aspiro Trade sends signals on 45 assets, each with an entry, a target and a stop-loss; check the app for the current list of instruments.
6. If you do keep BONK off the exchange, withdraw it to a Solana wallet on the Solana network and keep a little SOL for fees. Check the token's contract address against official sources.
BONK: on an Exchange or in Your Own Wallet
| Exchange | Your own wallet | |
|---|---|---|
| Who controls the keys | The exchange | You |
| How fast you can sell | Instantly | You first transfer to an exchange |
| What can go wrong | Account hack, freeze, problems at the exchange itself | Lost seed phrase, transfer to the wrong network |
| What you need | An account with 2FA | Solana wallet |
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- BONK is pure speculation: you can realistically lose the entire amount.
- No leverage and no money you need to live on.
- A stop-loss is mandatory on every trade.
- Major exchanges only: that way you're less likely to buy a fake.
Frequently Asked Questions
Is BONK an investment?
No. It's a meme coin with no revenue and no commitments from the team. Buying it is speculation in which you can lose the entire amount.
Why does BONK cost a fraction of a cent?
A very large number of coins have been issued. The low price of one coin says nothing about whether the token is cheap or expensive.
How do I avoid buying fake BONK?
Buy on a major exchange using the BONK/USDT pair. On decentralized exchanges, it's easy to end up with a copy that has the same name.
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