The recent incident involving the BONKKILLER Solana meme token has raised eyebrows, as it achieved a staggering market capitalization of $327 trillion. This is a remarkable figure, especially when compared to Bitcoin’s market cap of $1.24 trillion.
According to Birdeye, a data analytics platform, BONKKILLER currently boasts 1,143 holders and is being sold at a price of $32.71. This meme token has a total supply of 10 trillion, which ultimately values it at a mind-boggling $327 trillion.
However, there’s a catch – it’s a honeypot trap, and holders are unable to sell it. The token’s creator possesses the authority to freeze any transfers of the token. They also have the power to make arbitrary changes to the token’s information, including its logo, name, and website address.
The Solana meme coin was initially launched on April 27th, with an initial trading value of just $0.00063265. Over the following days, the coin experienced a rapid surge in value, thanks to the creator’s malicious activation of the token freeze authority. This explains the consecutive green candles seen on the chart.
Unfortunately, many investors discovered that they were unable to move their coins when it was already too late. The top 10 holders of the token controlled 99.97% of the token supply, with the creator alone holding 90.89%. This scarcity of tokens on the market further explains the limited availability.
Decentralized exchanges often make efforts to alert traders to suspicious token contracts, but even with these precautions, millions of dollars are still lost. BONKKILLER is no exception, as more and more users continue to fall victim to its allure.
Honeypot scams, as the name suggests, entice investors with false promises of high returns. The initial hype and fear of missing out (FOMO) fuel the coin’s initial bull cycle, only for the creator to abruptly activate the freeze authority and leave investors in the lurch.
BONKKILLER serves as the latest example of a honeypot scam that preys on unsuspecting users. There have been numerous instances of scams targeting well-known projects, such as Shiba Inu. Scammers often go to great lengths, even creating Telegram communities and falsely claiming associations with reputable projects like K9 Finance or the Shibarium project.
