The Solana-based meme coin called BONKKILLER has achieved a staggering market cap of $327 trillion. Launched on April 29, this meme attracted attention by surpassing each country’s combined GDP.
However, BONKKILLER is a scam.
BONKKILLER holders cannot sell Meme Coin
Despite having just over 1,143 holders, the coin saw around $4.24 million in trading volume within 24 hours. According to cryptocurrency analytics platform Birdeye, more than 90% of tokens are controlled by the creator. Furthermore, the “freeze power” feature prevents bondholders from selling their assets, effectively trapping their investments.
BONKKILLER’s alleged market capitalization is an anomaly and a stark warning. This number exceeds the market capitalization of Bitcoin by more than 300 times. The major cryptocurrencies themselves have a market cap of about $1.2 trillion.
To put it in perspective, the value of the meme coin is 3.28 times the global GDP, which is about $100 trillion. This inflated number results from the untradable status of most tokens, revealing how widespread honeypot scams are.
Read more: Cryptocurrency Scam Projects: How to Spot Fake Tokens
Despite clear warnings about the deceptive setup, investors continue to buy BONKKILLER tokens. The scheme has already extracted $1.62 million from victims across 11 transactions.
This exploitation takes advantage of the common “fear of missing out” (FOMO) that prompts many to invest in seemingly profitable opportunities.
From the initial offering of 1 Solana (~$140 USD), the developer who created the BONKKILLER scam has now managed to withdraw almost half a million dollars. Cryptocurrency researcher Gnarly Coin said retailers keep giving this guy free money.
Recent investigations by blockchain experts have revealed similar patterns in other cryptocurrency projects. Dozens of other Solana-based meme projects have been abandoned, cumulatively costing investors $26.7 million, cross-chain investigator ZachXBT reported.
These projects often start out promising high returns but ultimately leave backers with almost worthless tokens.
Read More: How to Buy Solana Meme Coins: Step-by-Step Guide
Additionally, a study by cybersecurity firm Blockaid found that at least 50% of pre-sale tokens on the Solana blockchain from November 2023 to February 2024 were scams. Blockaid co-founder Ido Ben-Natan linked the rise in fraudulent activities to the growing popularity of memecoins during the pre-sale stages.
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