Bonk Killer (BONKKILLER), a Solana-based memecoin with a mere 1,000 holders, has skyrocketed to a market cap of $328 trillion – exceeding the entire global GDP. The catch? It’s a classic honeypot scam designed to trap unsuspecting investors.
This bizarre scenario began with BONKKILLER’s launch on April 29th, attracting some $4.6 million in trading volume within 24 hours. However, the joy was short-lived. The developer activated a “freeze authority” function, preventing investors from selling their tokens.
This exposed BONKKILLER as a honeypot, a type of scam where creators lure victims with the promise of high returns, only to lock them in with their funds. Solana-focused news platform SolanaFloor aptly described the situation: “BONKKILLER surpasses $100 trillion Market Cap following developer action to freeze token holders’ accounts and prevent token sales.”
For perspective, $328 trillion is a nonsensical valuation, exceeding the global GDP by a staggering 3.28 times. Market cap metrics become meaningless when investors are locked out, as aptly pointed out by NFT enthusiast “thirt13n”: “Bullshit metrics. if you are unable to sell, its worth $0.”
Despite warnings from various platforms, some continue to buy BONKKILLER, likely unaware of the scam. The creator has already siphoned off $1.62 million from victims, highlighting the harsh reality of these deceptive schemes.
Also Read: $26 Million Lost in Solana Meme Coin Rug Pulls: URF, LIKE, MOONKE Projects Vanish After Presales
BONKKILLER serves as a stark reminder of the dangers lurking within the memecoin space. A recent Cointelegraph Magazine investigation found that a shocking one in six memecoins on the Ethereum layer-2 scaling solution Base are outright scams or exhibit scam-like characteristics. Alarmingly, 91% of analyzed memecoins displayed security vulnerabilities, potentially unintentional due to creators’ lack of knowledge.
Blockchain scam prevention tools offer a glimmer of hope, utilizing real-time smart contract and token analysis to identify potential honeypots. However, investor vigilance remains crucial in navigating the often-unregulated world of memecoins.
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