How to Buy Your First Memecoin - Bonklana

Suprise. You will actually be buying your first two meme coins onchain. this is because Bonklana is the first meme coin to use another meme coin as its liquidity. If that is confusing, don't worry. Just know, it's pretty cool.

Before jumping into this there are some key safety rules you should always follow. They may not make sense at this point and that is all the more reasons you should follow them.

1. DYOR - Do Your Own Research
2. WRITE DOWN your seed phrase and keep it in multiple SAFE places.
3. Never share your seed phrase
4. Never share your private key
5. Always check links to make sure you are on the correct website, dapp, dex, etc.
6. Do not connect your wallet to anything unless you are certain it is the correct site, dapp, dex, etc.
7. Always double check wallet addresses when transferring crypto
8. Always double check contract addresses before making a swap
9. Always DYOR - Do Your Own Research
10. Start slow, take profits, and use mistakes as learning experiences.

Let's get into it.

Crypto Onramps

There are many ways to purchase crypto and the onramps will vary by what jurisdiction you reside in.

Being a US resident I just use Coinbase. I have used plenty of other ways, including Crypto.com, Simplex, Moon Pay, Kucoin, and others, but Coinbase and Crypto.com are the only ones I have used that seem to always allow crypto purchasing for where I live.

Also, as described in detail later, you will need an offramp as well. Coinbase, for me, works for both.

You will almost always have to KYC to purchase crypto currencies. KYC means "know your customer." This generally means taking pictures of your ID, taking a selfie, and giving the exchange your information. 

Once you are signed up and your KYC is accepted, you can purchase crypto.

Whatever onramp you choose, to buy Bonklana, you will need to purchase Solana (SOL).

Web3 Wallets

There are numerous Web3 Wallets and more being created all the time. To interact with Solana, Phantom Wallet is probably the best to get started with. 

Wallet Security

To keep your funds safe, make sure to follow the security procedures as outlined in the start of this blog. 

1.  
2. WRITE DOWN your seed phrase and keep it in multiple SAFE places.
3. Never share your seed phrase
4. Never share your private key
5. Always check links to make sure you are on the correct website, dapp, dex, etc.
6. Do not connect your wallet to anything unless you are certain it is the correct site, dapp, dex, etc.
7. Always double check wallet addresses when transferring crypto
8. Always double check contract addresses before making a swap

Transfer SOL from Centralized Exchange to Web3 Wallet 

After your wallet is downloaded and set up, you can transfer crypto to your wallet from the exchange you are using. To do this, go into your wallet and find your wallet address. 

Clicking "Wallet 1"or the copy symbol could open the screen like below.

Copy and paste the Solana address into the Receipient Address on the exchange. 

Make sure the address is correct.

Send the Solana.

Using a DEX

DEX is short for decentralized exchange. This is how you swap crypto without an intermediary.

There are a few options for Solana Dex's. You can use Jupiter Exchage, Raydium, or Birdeye.

I will be using Raydium as an example. When you launch the app it will look like the image below.

First you will have to connect your wallet. Remember rule 4 and 5.

Then you will have to swap SOL for SBONK.

Then swap SBONK for BOK.

If you were succesful. Congrats. 

If you had issues you may have to increase your slippage. You can do so under "more information..."

Slippage is basically how much you are willing to pay for to make the transaction happen. Also, transactions happen in the order of people willing to pay the most. So bascially more slippage =  faster.

For Shibonk and Bonklana, 5% should be enough. If for some reason you are trying to swap during a time of high volume, consider increasing slippage.

When you are ready to sell, do this process in reverse. BOK to SBONK, SBONK to SOL.

You can auto route from SOL to BOK or BOK to SOL but I never do.

If you wish to keep your money on Solana but think the price of SOL will drop, you can swap you SOL to Tether (USDT). Tether is pegged to equal $1. This will avoid exchange fees.

Turning Crypto Into Cash

Following up on the scenario above, you have traded on a DEX and now what to turn your crypto back into cash. You have to send your crypto from your Web3 Wallet to your exhchange wallet.

Go to Coinbase (or your offramp of choice) and copy the ADDRESS OF YOUR SOLANA wallet. Make sure it is your Solana wallet!

1. Go to your Phantom Wallet
2. Click "Send"
3. Choose Solana
4. Paste the your exchange wallet address into the "recipient's wallet address.." field
5. Double check the wallet address
6. Enter the amount you want to send
7. Hit "Next"
8. Double check the information
9. Click "Send"

On Coinbase you will have to "Cash Out" your Solana and send the money to your bank account.

Wrap Up

If you read this because you know me in real life, I am known as Tree Fitty, or Webb3Fitty on Twitter. This is my blogging application Zentaurios. Lots of good info and good people here. But not everyone in crypto is a good guy.

We need to cover DYOR, do your own research. Maybe you just me but if you want to make the most out of crypto, don't trust, research and verify.

Go to the Shibbonk. Twitter, Website, and Telegram. Go to the Bonklana Twitter, Website, and Telegram. To stay updated, you should be in the Telegram chats anyway.

If in doubt, the Shibonk contract address is:

H1G6sZ1WDoMmMCFqBKAbg9gkQPCo1sKQtaJWz9dHmqZr

The Bonklana contract address is:

88tmABf1s3A6jbLD2yLR1tgbGjz68fz3EDrbeSB1JPPc

Now go verify that on their websites.

Shibonk Website

Shibonk Twitter

Shibonk Telegram

Bonklana Website

Bonklana Twitter

Bonklana Telegram

Now do your research to make sure those are the correct links!

 

Also, my favorite place to see the chart is on DexScreener:

Shibonk Chart

Bonklana Chart

Where to watch the chart probably should be another step but...oh well.

The Tree House

This a lot a of information for someone that is new. The best way to learn more is to get involved in a good community. Download Telegram and join me in The Tree House.

We can cover all things crypto there. We can open voice chats and talk through it all.

I shared Bonklana because the dev and team have proven success. It may be a long time before something this solid comes along again. But don't think all projects will be like Bonklana. They're not.

However, we will learn how to identify good projects and dicusss future possibilities. The goal is to be ready when the bull run comes, with both knowledge and capital.

LFG.