Solana Meme Coin Hits Over $100T Market Cap, Turns Out It’s A Scam

solana bonk
Source: The Coin Republic

Solana meme coin Bonk Killer (BONKKILLER) launched on April 29, tallying around $4.6 million in trading volume over the last 24 hours. However, the token turns out to be a honeypot scam, as investors cannot sell it after purchasing it.

More than 90% of the tokens are held by the creator, according to cryptocurrency analytics platform Birdeye. Furthermore, the coin has earned a market cap of over $100 trillion. According to Solana Network news aggregator Solana Floor, following all the investments, its developer took action to freeze the token holders’ accounts, thus preventing token sales. Furthermore, the BONKKILLER creator also pulled $1.62 million in funds from victims across 11 transactions, per Birdeye data.

Source – Decrypt

Also Read: US Banking Committee: SEC Contradictory in ETH Security Claim

Despite early warnings from market experts, traders continued to pour into the honey pot, only harming their pockets. For context, a honeypot is a type of scam that lures investors with high-profit potential but prevents them from selling. Bonk Killer has done just that, and there are many other meme-coin rug pull initiatives out there. Despite feel-good stories about investors turning small investments into millions, just as many stories exist of gullible investors losing out on their hard-earned money due to coins like BONKKILLER.

Blockchain scam prevention tools have been developed to detect potential honeypots, and they should be used often to prevent getting scammed. These tools work by performing smart contract and token analysis in real-time.

Be careful before investing in new Solana meme-coins. The success of coins like BONK can be promising. However, they also give hope to scammers who are looking for a quick buck at the expense of innocent investors.