Like PEPE and DOGE, BONK is also a meme coin that draws inspiration from online jokes, humor, and memes. Meme coins are a means of using crypto to express humor, innovative thinking, and social criticism rather than with an eye toward a specific use case. BONK differs from DOGE and SHIB in certain aspects while sharing a charming dog as its logo and mascot.

Let’s have a quick overview of Bonk tokens and how you can buy BONK in India.

What is BONK?

On Christmas Day 2022, BONK, a memecoin centered in Solana (SOL), was airdropped to the Solana community. The Shiba Inu dog that serves as the project’s mascot was inspired by the well-known memecoin Dogecoin (DOGE).

Following the token’s listing on Coinbase, the largest crypto exchange in the US based on transaction volume, BONK saw a 100% increase in value during the third week of December 2023.

Reasons Behind BONK’s Price Surge

The upward momentum of BONK was initiated a few months back with the rollout of single-sided staking BONK pools. This innovation enabled BONK holders to generate yields on their BONK holdings without needing to add another asset for BONK to be paired with.

Over the past two weeks, BONK users, transaction fees, and overall BONK transactions have seen a noticeable increase. A significant driver behind BONK’s price momentum was the announcement made on December 14th about the renowned exchange, Coinbase, planning to list the token.

While other meme coins with longer histories and comparable market caps, such as PEPE, have not caught Coinbase’s attention, BONK demonstrates the ‘Coinbase Effect.’ This listing has enhanced BONK’s credibility and exposed it to Coinbase’s extensive user community. Furthermore, BONK perpetual swap derivatives are available for trading on the well-known platform Bitmex, offering traders leverage of up to 10x.

The BONK frenzy is also positively impacting the broader Solana ecosystem. The increased interest in BONK has driven sales for Solana’s Saga crypto-phone. Individuals acquiring this phone have opportunities to receive BONK airdrops, with Saga holders eligible to claim up to 30 million BONK tokens.

BONK Tokenomics

The allocation breakdown of BONK is as follows:

• 20% is allocated to 40 active Solana NFT projects, which account for 296,000 NFTs.
• 15% is designated for OpenBook traders. BONK has chosen not to disclose specific thresholds “to prevent gaming of the system” but assures that even individuals with minimal balances can qualify.
• 10% is reserved for artists and collectors of 1/1 art pieces that offer a snapshot of activity sourced from the collector.sh.
• 5% is set aside for Solana developers.
• 20% is dedicated to early contributors involved in the launch. This segment comprises 22 individuals subject to a 36-month linear vesting period.
• 5% is earmarked for future contributions and developmental incentives.
• 15% is directed towards a Bonk DAO.
• 5% is allocated for the initial liquidity distribution across various decentralized exchanges.
• Lastly, 5% is set apart for marketing initiatives.

4 Things to Remember Before Choosing a Crypto Exchange in India

You must do thorough research when choosing a crypto exchange to invest or for crypto trading in India. You must research the authenticity of the platform and the credibility of the team behind it before deciding on an exchange to invest in Bonk crypto in India.

You should also ensure the platform provides the following before investing in Bonk:

• The exchange’s website/app has a simple user interface and is easy to use.
• The exchange supports Bonk trading pairs.
• The exchange employs state-of-the-art security measures and does not compromise when it comes to regularly upgrading it. Try to avoid exchanges that do not have a KYC protocol in place.
• The exchange offers reasonable trading fees to buy crypto in India.

Now, let’s see how you can buy Bonk (BONK) tokens in India from the most trusted exchanges in India in 2024.

Buying Bonk (BONK) in India in 5 Easy Steps in 2024

Below are a few simple steps you can follow and buy the BONK token in India with WazirX, India’s most trusted and widely used crypto exchange.

The best way to buy BONK tokens is by depositing INR in your WazirX wallet. Alternatively, you can also buy BONK using P2P trade; to get answers to all your queries related to the P2P trade, click here!

Step 1 – Sign-Up on the WazirX platform

To begin buying and selling BONK, you are required to create an account on the WazirX platform by signing up. Also, you can directly login if you have an account already on the platform.

For your reference, here’s how you can open an account on WazirX.

Step 2 – Set up your account security by verifying your email address.

This step is about verifying your email address. After you sign up on the WazirX platform, you’ll get a verification link on your registered email. By clicking on that link, you’ll get two options to ensure the security of your account – the authenticator app and mobile SMS.

Note: The authenticator app is a more secure way to stay safe when compared to mobile SMS because there’s a risk of delayed reception or SIM card hacking.

Step 3 – Complete the KYC process.

After choosing your country, you can proceed with completing the KYC process. Click here for a detailed overview.

Note: You must complete your KYC to be able to trade P2P or withdraw funds on the WazirX app.

Step 4 – Add funds to your WazirX wallet.

To add funds, simply go to your account on the WazirX app or web. Click on “Funds” and then on “Deposit INR.”

You can deposit INR using any mode (NEFT/ RTGS/ IMPS).

You can also buy BONK through P2P to the WazirX wallet. The BONK will act as funds to help you buy your favorite Cryptos.

Step 5 – Finally, buy BONK on WazirX.

You can now easily purchase BONK tokens using INR Deposits. In the case of P2P trade, check the BONK to INR rate from here and BONK to USDT from here.

After logging in to your WazirX account, you can choose INR from the “Exchange” tab. You can also check all the price charts, order book data, and an order input form on the right side of the screen.

Click “Buy” after entering the amount and checking the total INR amount to be paid.

Your order will be placed according to the price you have input. And, in the case of P2P trade, a seller willing to sell at a price will be notified, and then you can exchange the tokens using P2P.

It might take a few minutes for the order to be completed, but as soon as it is executed, you will receive the BONK Tokens you purchased in your WazirX wallet.

Happy Trading!

Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.