A little-known Solana-based memecoin, Bonk Killer (BONKKILLER), has surged to a staggering market cap of $328 trillion, making it appear as the highest-valued asset globally. However, this astronomical figure is misleading, as the coin is a honeypot scam, leaving investors unable to sell their holdings.
Bonk Killer was launched on April 29 and has generated approximately $4.6 million in trading volume within the last 24 hours. However, over 90% of the tokens are controlled by the creator, who has activated a “freeze authority” function, preventing token transfers.
SolanaFloor, a Solana-focused news platform, highlighted the scam nature of BONKKILLER on April 29, as the developer took actions to freeze token holders’ accounts and block token sales. A honeypot scam entices investors with promises of high profits but restricts their ability to sell.
Despite the purported $328 trillion market cap, it’s crucial to recognize that this figure is inflated and does not reflect the actual value of the coin. Without the ability to sell, the memecoin’s worth is effectively zero, as emphasized by critics.
Despite warnings about the scam, traders continue to purchase BONKKILLER tokens, leading to further financial losses. Additionally, the creator has siphoned $1.62 million from victims through 11 transactions, exacerbating the damage caused by the scam.
Bonk Killer is just one instance of memecoin rug pulls or honeypot scams that exploit unsuspecting users. Research indicates that a significant portion of memecoins, particularly on platforms like Ethereum’s Base, exhibit scam characteristics or vulnerabilities.
Efforts to prevent blockchain scams include the development of tools for detecting potential honeypots through real-time analysis of smart contracts and tokens. However, scams persist, highlighting the need for increased vigilance and education within the crypto community.
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