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A Solana-based mostly meme coin named BONKKILLER has performed a staggering market capitalization of $327 trillion. Launched on April 29, this meme coin drew consideration by surpassing each and every nation’s mixed GDP.
Nonetheless, BONKKILLER is a honeypot scam.
BONKKILLER Holders Cannot Sell the Meme Coin
No topic easiest having over 1,143 holders, the coin noticed about $4.24 million in trading quantity within 24 hours. In step with the crypto analytics platform Birdeye, greater than 90% of the tokens are controlled by the creator. Furthermore, a “freeze authority” neutral prevents holders from promoting their resources, effectively trapping their investments.
BONKKILLER’s purported market capitalization is an anomaly and a stark warning. This resolve eclipses the market capitalization of Bitcoin by over 300 times. The flagship crypto itself has a market cap of spherical $1.2 trillion.
To construct it into level of view, the meme coin‘s valuation is 3.28 times the worldwide GDP, which is set $100 trillion. This inflated number results from the untradeable space of most tokens, exposing the prevalence of honeypot scams.
Read more: Crypto Scam Tasks: How To Location Fraudulent Tokens
No topic sure warnings about its unfounded setup, investors continue to buy BONKKILLER tokens. The procedure has already extracted $1.62 million from victims all the draw in which by 11 transactions.
This exploitation capitalizes on the widespread ‘scare of missing out’ (FOMO) that drives many to make investments in reputedly profitable opportunities.
From an preliminary offer of 1 Solana (~ $140), the developer who created the scam coin BONKKILLER has now pulled out almost half one million dollars. Outlets upright possess giving this man free cash,” Crypto researcher Gnarleyquinn acknowledged.
Most recent investigations by blockchain experts accept as true with revealed same patterns in other cryptocurrency ventures. On-chain sleuth ZachXBT reported that a dozen other Solana-based mostly meme coin initiatives were abandoned, cumulatively costing investors $26.7 million.
These initiatives incessantly originate up with promising high returns however within the kill leave backers with almost worthless tokens.
Read more: How one can Aquire Solana Meme Coins: A Step-By-Step Files
Moreover, a come all the draw in which by by cybersecurity company Blockaid stumbled on that no longer lower than 50% of presale tokens on the Solana blockchain from November 2023 to February 2024 were scams. Blockaid’s co-founder, Ido Ben-Natan, linked the rise in pretend activities to the growing reputation of meme coins at some level of their presale phases.
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