The memecoin BONKKILLER, which was founded in Solana, has amassed an astounding $327 trillion in market valuation. When this memecoin was introduced on April 29, it garnered notice since its value exceeded the GDP of all of the countries combined.
The Meme Coin Cannot Be Sold by BONKKILLER Holders
The coin experienced about $4.24 million in trading volume in a single day while having just over 1,143 holders. More than 90% of tokens are under the creator's hands, according to cryptocurrency analytics firm Birdeye. Additionally, holders are unable to liquidate their assets due to a "freeze authority" provision, thereby trapping their capital.
The reported market capitalization of BONKKILLER is both unusual and concerning. This amount is more than 300 times greater than the market capitalization of Bitcoin. The market capitalization of the leading cryptocurrency is over $1.2 trillion.
The valuation of the meme coin is 3.28 times the world GDP, or roughly $100 trillion, to put things into perspective. This exaggerated figure highlights the frequency of honeypot frauds because the majority of tokens are not tradeable.
Buyers of BONKKILLER tokens persist in spite of explicit cautions over its misleading configuration. Throughout the course of 11 transactions, the scam has already taken $1.62 million from victims.
This scam takes advantage of the widespread "fear of missing out" (FOMO) that prompts many people to invest in chances that seem economically advantageous.
The developer of BONKKILLER, a hoax coin, has withheld about half a million dollars from its original supply of 1 Solana, or about $140. Crypto expert Gnarleyquinn stated, "Retailers just keep giving this guy free money."
Experts in blockchain technology have recently discovered comparable trends in other cryptocurrency endeavors. ZachXBT, an on-chain investigator, revealed that a total of twelve other Solana-based meme coin initiatives were shelved, resulting in a $26.7 million loss for investors.
These ventures frequently start out promising large returns but ultimately give backers tokens that are almost worthless.
Furthermore, from November 2023 to February 2024, at least 50% of the presale tokens on the Solana blockchain were fraudulent, according to a study conducted by cybersecurity company Blockaid. Ido Ben-Natan, a co-founder of Blockaid, connected the spike in fraudulent activity to the increased demand for meme coins during their presale periods.
April 2024, Cryptoniteuae