Coinsquare is the most trusted cryptocurrency trading platform in Canada. We facilitate your participation in the cryptocurrency space with over 50 of the top crypto coins on the market, including the popular Bonk (BONK) coin.
Want to learn more about how to invest in cryptocurrencies like BONK? This page covers the essentials for beginning crypto investors, with instructions on how to get started quickly.
Add money in the currency of your choice (this can include CAD). These funds are what you’ll use to buy BONK.
Before you buy, you can check the current price of BONK, or any other token listed in Coinsquare in CAD or USD.
Congratulations! You are now an owner of the BONK cryptocurrency, along with thousands of others in the BONK community!
Bonk is a meme cryptocurrency built on the Solona blockchain that easily became popular because of its fun and engaging vibe, similar to other dog-themed meme coins like Dogecoin and Bonk. Bonk uses Solana’s fast transaction speeds and cheap fees to offer a better and more scalable option than similar projects on Ethereum. With the help of third-party cross-chain messaging protocols like Wormhole, users can also transfer their BONK to other blockchains.
Bonk was launched on Christmas Day 2022 and was built on the Solana blockchain, created by an anonymous founder. Bonk is a type of meme coin, which means it gains value because of social media hype and promotion. It became popular on various social media platforms, such as TikTok, which contributed to its rapid growth and popularity.
Its whitepaper (BONK paper) only mentioned the crypto’s intention to be Solana’s community coin and to “flip the script” on venture capital and bring the power back to the people, calling out the damage caused to the Solana Community. But a mysterious founder isn’t new in meme coins. Many meme coins have been created with a mysterious background, such as Bonk (BONK), one of Ethereum’s popular dog-themed meme coins. BONK and BONK have a lot in common besides their unknown creators. They both take inspiration from Dogecoin (DOGE) and are meant to be used by a community without any central authority controlling a large amount of the coins.
BONK, the native Bonk crypto coin, sometimes known as “Bonk Inu,” is created to help the Solana community. It has become really popular and is used in various ways, such as decentralized finance, messaging between blockchains, buying and selling unique digital items, and more.
BONK has 93 trillion coins, with over 68 trillion already in circulation. The majority of its original supply was given out for free to the Solana community, which helped build excitement and backing for the project. Bonk uses a system where a small amount of the coin is burned with each transaction, which controls the supply and increases the value of the Bonk crypto coin. The burning method helps prevent inflation and supports the BONK price.
During its release, 50% of the BONK crypto was airdropped to different NFT projects, artists, and collectors on the Solana blockchain. This move grabbed a lot of people’s attention and quickly made the BONK very popular. It’s estimated that nearly 300,000 wallets received BONK through this giveaway.
After BONK was released, its price went up by more than 2000% in the first week. However, it has gone up and down a lot since then. On December 29, 2022, it dropped to its lowest price, $0.000000086142.
Over the years, BONK has been used in NFT marketplaces, DeFi protocols, crypto games, and even on social media.
Are you wondering what is the BONK crypto used for? Think of it as any other token in the Solana ecosystem. As a meme coin, BONK is pretty straightforward. It was created for being there and being traded. You can keep it as an investment (but be careful because the BONK price goes up and down a lot) or use it in different apps that work with BONK. Some people see BONK as a fun coin to trade and try to make money from.
However, just like Bonk, many of its users found ways to use the BONK crypto in various protocols, including:
BONK stands out from other meme coins because of its unique features, such as its community-driven approach. The people behind the BONK crypto have no control over how many coins are available or where the project is headed. Instead, they have given 15% of the total coins to a decentralized organization called Bonk DAO, which operates independently.
The Bonk DAO is responsible for the growth and development of the network. BONK holders can join the Bonk DAO by voting on ideas or sharing their own. The recent burn vote shows how the Bonk community is working together to make BONK more valuable.
Investors with all levels of knowledge are welcome to participate in the exciting world of BONK investing, trading, mining, and all other activities in this technology space. As an inclusive community, crypto arenas work to be accessible to everyone.
Coinsquare is vigilant about education, maintaining a real-time news feed in its mobile app, and providing 24/7 customer service support for all our account holders.
Before investing in BONK, do your research and your due diligence. Evaluate the market performance, the BONK community, and the security aspects of BONK. As you immerse yourself in the crypto space, you can go further: assess the project’s partnerships with other companies and organizations, figure out what BONK’s plans are for the future, and evaluate the BONK community’s engagement, online presence, and enthusiasm.
Anyone who wants to invest in BONK should understand basic concepts like what a blockchain is, how blockchains work, and the purpose of consensus mechanisms like Proof of Work and Proof of Stake. These concepts are reasonably accessible and essentially the same for all cryptocurrencies. You can find plenty of online guides to explain them. If they don’t make sense to you right away, stick with it and search for resources that are suited to your learning style.
BONK’s market performance and price data over time isn’t representative of where BONK is going, but it will give you a sense of the confidence other investors have had in it. As with all investments, past results are not indicative of future performance, so be diligent in your research before buying any type of investment
Also, consider the market capitalization for BONK. The market cap is a metric used to indicate the total value of BONK. Each cryptocurrency has a market cap. This figure is important because it can be used to compare different cryptocurrencies and evaluate their relative dominance on the market overall.
Coinsquare makes this data easily accessible. We provide all the information you need to make an informed decision about buying BONK.
Sufficient liquidity when purchasing BONK on the trading platform you choose is important so that it’s easy to buy and sell without significantly impacting the price. Trading volume can be used as an indicator for trading interest in BONK within a specific timeframe.
Look into the partnerships that BONK has established with other companies and organizations. Partnerships with reputable, well-respected companies indicate trust in BONK. These partners often conduct extensive due diligence, which will give you confidence in BONK and its ongoing viability.
Partnerships with tech companies can also give BONK access to resources like expertise and equipment, while strategic partnerships can provide the financial backing that BONK needs to shore up its stability and continue to innovate and grow.
Overall, solid partnerships suggest that other companies see value in BONK and are willing to back it with their own resources.
A large and active community is important to a cryptocurrency’s success. Follow BONK’s social media channels to see how involved people are with BONK, keep up with the news about it, and get a sense of the community vibe. Developer support for BONK can give you additional information about the BONK community.
Investigate any past security incidents and see how they were addressed. Check on the social media chatter about these incidents to evaluate how the public and the BONK community responded.
Collecting information about BONK before you invest will help you make better investment decisions and manage any potential risks. Coinsquare is dedicated to giving you as much information as possible to help you get comfortable in the crypto space.
You have options for trading platforms in Canada. Why choose Coinsquare?
Here are the advantages we offer to individuals or organizations interested in BONK or other cryptocurrencies:
Since its founding in 2014, Coinsquare has become a leader in the cryptocurrency space in Canada. Over the past decade, we have welcomed over 500,000 Canadian users to the crypto space and facilitated trades in excess of 8 billion Canadian dollars. We have the experience, customer base, and dedication to the community to have earned an outstanding level of trust and success. Open an account today; let’s see where we can go together!
