How To Buy Bonk (BONK) In India – Forbes Advisor INDIA

Bonk (BONK) is a meme cryptocurrency launched within the Solana blockchain ecosystem on December 25, 2022. It takes inspiration from Dogecoin, a popular dog-themed meme coin, and features a Shiba Inu mascot. The project aims to empower its community by promoting user participation and inclusivity.

What is Bonk (BONK)?

Bonk is a Solana-based meme coin that aims to be “the people’s dog coin.” It was launched at the end of 2022 to provide a community-driven alternative to popular meme coins like DOGE and SHIB. 

Also Read: Dogecoin vs Shiba Inu

BONK focuses on decentralization and fairness within the SOL ecosystem. Unlike traditional cryptos, it leans heavily on its playful dog-themed meme culture and branding, similar to other famous dog coins. However, BONK distinguishes itself by being the first significant meme coin on the Solana blockchain. Its popularity rapidly grew due to the massive airdrop launch for Solana users. 

The thought behind the meme coin BONK was to create a fun, accessible cryptocurrency that large centralized entities or venture capitalists didn’t control, a sore point in the Solana community post the FTX collapse.

Where Can I Buy Bonk (BONK) In India?

Crypto investors can buy Bonk (BONK) on various exchange platforms in India. Choose an exchange registered with the Financial Intelligence Unit (FIU-India). Select a platform that offers users a friendly interface and extensive support for BONK trading pairs. Additionally, watch out for considerate trading fees.

Here are a few cryptocurrency exchanges where you can buy Bonk (BONK) in India:

CoinDCX: The exchange platform has around 1.6 crore registered users and is considered one of India’s safest and most transparent exchanges. CoinDCX offers more than 500 crypto assets and is known for providing notable liquidity. 

Mudrex: Owing to FIU’s directives, it has become one of the top crypto exchanges in India. It has more than 0.2 crore users and 650+ cryptocurrencies.

Zebpay: There are more than 0.6 crore registered users on this platform. It has world-leading crypto security, with 98% of the funds stored in multi-sig cold wallets, a multi-stage security protocol, and insurance protection.

CoinSwitch: CoinSwitch is one of the leading crypto exchanges in India, with more than 2 crore registered users who can trade in nearly 100 cryptocurrencies. It is a highly recommended platform for beginners. You can invest in BONK with a minimum of INR 100.

How To Buy Bonk (BONK) In India?

Follow these steps to invest in Bonk cryptocurrency:

1. Choose a Crypto Exchange

Crypto exchanges are marketplaces that facilitate trading in cryptocurrencies. Although some exchanges are relatively simple, others are intended for more advanced investors and offer features like crypto staking, futures trading, and margin accounts.

When selecting an exchange platform, analyze the security and look for one with low fees and account minimums.

2. Buy BONK

You can place your order for Bonk if you open an account and connect it to a payment method like a debit card or a bank account. Enter the ticker symbol – BONK and the amount you want to invest, such as INR 2,000. Most exchanges will allow you to designate an order type.

While you may buy Bonk with a credit card, we do not suggest it. That’s because the transaction fees on credit cards often run high. Using a credit card to buy cryptocurrency typically will be a cash advance and subject to a higher interest rate than you pay on regular charges. Using debit cards or transferring fiat currency via your bank account to the exchange are suitable options. You can use that amount to buy Bonk.

3. Store Your BONK

There are many storage options you can select from:

Hardware Wallets: These resemble flash drives or USB drives. A physical device stores the private and personal keys to access your crypto. These wallets are not connected to the internet or a network, providing “cold storage,” which is highly secure.

Paper Wallets: You can write down the keys or use an app to get a printed QR code to access your cryptocurrency utilizing a paper wallet. But they can be risky as you could lose or misplace the paper, and then you won’t be able to access your cryptocurrency. That means you could lose a significant amount of money.

Software Wallets: Software wallets are programs or apps you can download onto your computer or other devices to store your cryptocurrencies, unlike physical devices that can be disconnected from the internet. They are less secure than hard wallets, but you can easily access your holdings to buy and sell different cryptocurrencies.

Crypto Exchanges: Some cryptocurrency exchanges, such as CoinDCX and Binance India, will store your crypto. However, due to security concerns, using an exchange shouldn’t be a long-term solution.

The basic steps to buy Bonk in India:

Step 1: Choose a Financial Intelligence Unit India (FIU-registered) exchange to buy BONK in India (e.g., CoinDCX, Mudrex, Zebpay, Coinswitch).

Step 2: Create your account on your exchange platform and complete the Know Your Customer (KYC) process.

Step 3: Deposit INR in your account using Immediate Payment Service (IMPS), Unified Payments Interface (UPI), or other methods.

Step 4: By selecting the trading pair (BONK/INR), you can buy BONK.

Also Read: How To Buy Meme Coins?

Is Bonk (BONK) Worth Buying?

As of Jan. 3, 2025, BONK is trading at $0.00003141, with a market capitalization of $2.39 billion. It has increased by 3.58% in the last seven days, and its 24-hour volume is $353.74 million. 

On Nov. 20, 2024, it hit its all-time high at $0.00005916 and is currently down 46.87%. In CoinMarketCap’s ranking, it ranks 53 on the top cryptocurrencies list. BONK could offer speculative opportunities to short-term traders or someone who enjoys participating in the meme coin culture. However, due to the volatile nature of cryptocurrencies, invest what you can afford to lose.

Bonk is probably not a wise choice for a long-term investor due to its lack of fundamental value, the high risk associated with meme coins, and its lack of real-world use cases.

Check out: Bonk Price Prediction

Is Bonk (BONK) A Good Investment?

As a meme coin, BONK’s future is highly unpredictable and closely tied to the strength of its community. As we all know, meme coins thrive on social media platforms, viral trends, and memes, so BONK’s success depends on maintaining momentum and community engagement.

Bonk is one of the most popular coins in Solana. It ranks 53 on CoinMarketCap, is listed among the top centralized exchanges, and has built a large and passionate following.

If you decide to invest in the BONK meme coin, invest the amount you can afford to lose. Meme coins can offer investors substantial short-term gains but have a high risk of losing your entire investment, so invest wisely.