A Solana-based meme coin named BONKKILLER has achieved a staggering market capitalization of $327 trillion. Launched on April 29, this meme coin drew consideration by surpassing each nation’s mixed GDP.
Nevertheless, BONKKILLER is a honeypot rip-off.
BONKKILLER Holders Can not Promote the Meme Coin
Regardless of solely having over 1,143 holders, the coin noticed about $4.24 million in buying and selling quantity inside 24 hours. In keeping with the crypto analytics platform Birdeye, greater than 90% of the tokens are managed by the creator. Moreover, a “freeze authority” function prevents holders from promoting their belongings, successfully trapping their investments.
BONKKILLER’s purported market capitalization is an anomaly and a stark warning. This determine eclipses the market capitalization of Bitcoin by over 300 occasions. The flagship crypto itself has a market cap of round $1.2 trillion.
To place it into perspective, the meme coin‘s valuation is 3.28 occasions the worldwide GDP, which is about $100 trillion. This inflated quantity outcomes from the untradeable standing of most tokens, exposing the prevalence of honeypot scams.
Learn extra: Crypto Rip-off Tasks: How To Spot Faux Tokens
Regardless of clear warnings about its misleading setup, buyers proceed to purchase BONKKILLER tokens. The scheme has already extracted $1.62 million from victims throughout 11 transactions.
This exploitation capitalizes on the widespread ‘concern of lacking out’ (FOMO) that drives many to spend money on seemingly profitable alternatives.
From an preliminary provide of 1 Solana (~ $140), the developer who created the rip-off coin BONKKILLER has now pulled out practically half 1,000,000 {dollars}. Retailers simply maintain giving this man free cash,” Crypto researcher Gnarleyquinn said.
Latest investigations by blockchain specialists have revealed comparable patterns in different cryptocurrency ventures. On-chain sleuth ZachXBT reported {that a} dozen different Solana-based meme coin initiatives had been deserted, cumulatively costing buyers $26.7 million.
These initiatives typically start with promising excessive returns however ultimately go away backers with practically nugatory tokens.
Learn extra: The way to Purchase Solana Meme Cash: A Step-By-Step Information
Moreover, a examine by cybersecurity agency Blockaid discovered that at the very least 50% of presale tokens on the Solana blockchain from November 2023 to February 2024 had been scams. Blockaid’s co-founder, Ido Ben-Natan, linked the rise in fraudulent actions to the rising reputation of meme cash throughout their presale phases.
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