As a seasoned crypto investor with years of experience under my belt, I can’t help but feel frustrated and disappointed upon learning about the latest Solana-based memecoin scam, BONKKILLER. The audacity of this honeypot scam artist to claim a market cap of $328 trillion, which is over three times the entire global domestic gross product, is not only ludicrous but also infuriating.
An oblique Solana memcoin with approximately 1,000 owners has reportedly taken the lead as the world’s most valued asset, boasting a market cap of an astonishing $328 trillion. However, be wary: this enigmatic digital currency is suspected to be a honeypot scam, meaning that its holders are unable to sell their tokens.
On April 29, the new memecoin called “The honeypot” was introduced, and its trading volume reached approximately $4.6 million during the previous 24 hours, as reported by BONKKILLER. However, it’s important to note that over 90% of the tokens for this cryptocurrency are currently owned by its creator, according to the data from Birdeye.
Sadly, numerous memecoin investors discovered, to their dismay, that they were unable to transfer their newly acquired tokens following the developer’s implementation of “freeze authority.” This feature grants the developer the power to halt token transfers.
In a recent X post on SolanaFloor, the news platform announced that the controversial token, BONKKILLER, which has been identified as a scam and honeypot, exceeded a market capitalization of $100 trillion after the developers took action to restrict token holders’ accounts and halt further token sales.
A honeypot scheme is a deceptive investment strategy that entices investors with promises of substantial returns, only to restrict their ability to cash out or sell their shares once they have committed their funds.
As a crypto investor, I can tell you that an astounding amount of $328 trillion is a mind-boggling 3.28 times greater than the world’s total gross domestic product, which currently stands at around $100 trillion based on data from Worldometer.
The NFT supporter known as “thirt13n” highlighted that the value of the memecoin isn’t substantially supported by fiat currency, making it questionable for market capitalization to be a meaningful indicator when traders are unable to liquidate their tokens.
“Bullshit metrics. if you are unable to sell, its worth $0.”
Although multiple investment platforms have warned investors about the honeypot scam involving BONKKILLER tokens, data from Birdeye indicates that traders persist in purchasing these tokens.
As an analyst, I’ve uncovered that the creator has withdrawn a total of $1.62 million from 11 separate transactions, according to on-chain data.
The recently emerged memecoin, BONKKILLER, sadly joins the ranks of other deceptive projects in the crypto world, exploiting unsuspecting users through rug pull or honeypot scams.
As a crypto investor, I recently came across an intriguing report published by CryptoMoon Magazine. They conducted an investigation into the memecoins residing on Ethereum’s layer two scaling solution, Base. Shockingly, they discovered that approximately one in every six of these memecoins could be classified as scams or exhibited red flags. Furthermore, 91% of the analyzed memecoins had at least one identified security vulnerability. These findings serve as a reminder to exercise caution and due diligence before investing in any crypto asset.
As an analyst, I would rephrase it this way: I have observed that some creators might unintentionally reveal inadequate security measures in their tokens’ design or launch process. This could be due to a lack of understanding about best security practices, especially if they launched the token as a joke or with the intention of disrupting the industry.
As a diligent crypto investor, I keep my eyes open for potential scams in the blockchain world. To help me stay one step ahead, I make use of advanced tools designed specifically for scam prevention. These tools are equipped with real-time capabilities, enabling them to analyze smart contracts and tokens meticulously. By doing so, they can effectively identify honeypots – fraudulent schemes that lure unsuspecting investors into parting with their valuable cryptocurrencies. This added layer of protection allows me to make informed decisions, ensuring my investments remain secure in the ever-evolving crypto market.
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2024-04-30 08:27