May 23, 2024
Solana's Bonk Killer Memecoin Surges to $328T Market Cap in Honeypot Scam
Altcoins News

Solana’s Bonk Killer Meme coin Surges to $328T Market Cap in Honeypot Scam

An obscure Solana-based memecoin, Bonk Killer (BONKKILLER), has surged to a staggering $328 trillion market cap, but it’s all part of a honeypot scam.

The Trap

Launched on April 29, Bonk Killer has seen $4.6 million in trading volume in 24 hours. However, over 90% of the tokens are held by the creator, who activated a “freeze authority,” preventing investors from selling.

Source: Birdeye

Skepticism

Critics question the legitimacy of the market cap, noting it’s not backed by real fiat. Nonfungible token enthusiast “thirt13n” says, “[BONKKILLER] is worth $0 if you can’t sell.”

Persistent Trading

Despite warnings, traders continue to buy BONKKILLER tokens. The creator has siphoned $1.62 million from victims across 11 transactions.

Source: Birdeye

Seeking Solutions

Efforts to combat scams are ongoing, with blockchain tools detecting potential honeypots. Education on security protocols is crucial for creators.

Conclusion 

The surge of Solana’s Bonk Killer meme coin to a $328 trillion market cap highlights the persistent threat of honeypot scams in cryptocurrency. It underscores the importance of investor education and robust scam detection measures to protect against such fraudulent schemes in the future.

Image by freepik

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