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How this meme coin reached the market capitalization of $327 trillion
A Solana-based meme coin called BONKKILLER has reached a staggering market capitalization of $327 trillion. Launched on April 29, this meme coin attracted attention by surpassing each nation’s combined GDP.
However, BONKKILLER is a honeypot scam.
BONKKILLER holders cannot sell the meme coin
Despite only having more than 1,143 holders, the coin recorded a trading volume of around $4.24 million in 24 hours. According to crypto analytics platform Birdeye, more than 90% of tokens are controlled by the creator. Additionally, a “freeze authority” feature prevents holders from selling their assets, effectively trapping their investments.
BONKKILLER’s alleged market capitalization is an anomaly ea stern warning. This figure eclipses the Bitcoin market capitalization over 300 times. The flagship cryptocurrency itself has a market capitalization of around $1.2 trillion.
To put that into perspective, the memetic currencyIts valuation is 3.28 times global GDP, which amounts to about $100 trillion. This inflated number stems from the non-tradable status of most tokens, exposing the prevalence of honeypot scams.
To know more: Crypto Scam Projects: How to Spot Fake Tokens
Despite clear warnings about its deceptive setup, investors continue to purchase BONKKILLER tokens. The scheme has already extracted $1.62 million from victims in 11 transactions.
This exploitation takes advantage of the common “fear of missing out” (FOMO) that drives many to invest in seemingly profitable opportunities.
From an initial supply of 1 Solana (~$140), the developer who created the BONKKILLER scam coin has now coughed up nearly half a million dollars. Dealers keep giving this guy free money,” said crypto researcher Gnarleyquinn She said.
Recent investigations by blockchain experts have revealed similar patterns in other cryptocurrency ventures. On-chain investigator ZachXBT reported a dozen others The Solana-based meme coin projects were abandonedcosting investors $26.7 million overall.
These projects often start with promising high returns, but ultimately leave backers with nearly worthless tokens.
To know more: How to Buy Solana Meme Coins: A Step by Step Guide
Additionally, a study conducted by cybersecurity firm Blockaid found that at least 50% of presale tokens on Solana blockchain from November 2023 to February 2024 were rip-offs. The co-founder of Blockaid, I do Ben-Natan, linked the increase in fraudulent activity to the growing popularity of meme coins during pre-sale stages.
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