Crypto News – It appears that a little-known memecoin located in Solana, with just over 1,000 holders, has risen to the top in the global market capitalization rankings, with $328 trillion. So, what’s the problem here? Nobody can sell, because it’s a honeypot scam.
BONKKILLER Honeypot Scam: Solana Memecoin Reaches $328T Market Cap
Since its April 29 introduction, the honeypot memecoin Bonk Killer (BONKKILLER) has seen almost $4.6 million in trade volume in a single day. The creator owns more than 90% of the tokens, according to cryptocurrency analytics firm Birdeye. Unfortunately, after the developer triggered “freeze authority,” which permits them to block tokens from being transferred, many investors who purchased memecoin soon discovered that they were unable to move any of it.
BONKKILLER, a scam and honeypot token, surpasses $100 trillion Market Cap following developer action to freeze token holders’ accounts and prevent token sales,
SolanaFloor
Investors Ignore Warnings and Keep Buying BONKKILLER
Among those pointing out that the memecoin isn’t really backed by that much fiat and that the market cap statistic is meaningless if tokenholders are unable to sell is NFT enthusiast Thirt13n.
Bullshit metrics. If you are unable to sell, its worth $0.
thirt13n
Trading BONKKILLER tokens is still going on, according to Birdeye data, even after multiple sites warned investors about the honeypot fraud. According to on-chain data, the developer has also taken $1.62 million in cash from victims through 11 transactions.
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