A Solana-based meme coin named BONKKILLER has achieved a staggering market capitalization of $327 trillion. Launched on April 29, this meme coin drew attention by surpassing every nation’s combined GDP.

However, BONKKILLER is a honeypot scam.

Despite only having over 1,143 holders, the coin saw about $4.24 million in trading volume within 24 hours. According to the crypto analytics platform Birdeye, more than 90% of the tokens are controlled by the creator. Furthermore, a “freeze authority” feature prevents holders from selling their assets, effectively trapping their investments.

BONKKILLER’s purported market capitalization is an anomaly and a stark warning. This figure eclipses the market capitalization of Bitcoin by over 300 times. The flagship crypto itself has a market cap of around $1.2 trillion.

To put it into perspective, the meme coin‘s valuation is 3.28 times the global GDP, which is about $100 trillion. This inflated number results from the untradeable status of most tokens, exposing the prevalence of honeypot scams.

Read more: Crypto Scam Projects: How To Spot Fake Tokens

Despite clear warnings about its deceptive setup, investors continue to buy BONKKILLER tokens. The scheme has already extracted $1.62 million from victims across 11 transactions.

This exploitation capitalizes on the common ‘fear of missing out’ (FOMO) that drives many to invest in seemingly lucrative opportunities.

From an initial supply of 1 Solana (~ $140), the developer who created the scam coin BONKKILLER has now pulled out nearly half a million dollars. Retailers just keep giving this guy free money,” Crypto researcher Gnarleyquinn said.

Recent investigations by blockchain experts have revealed similar patterns in other cryptocurrency ventures. On-chain sleuth ZachXBT reported that a dozen other Solana-based meme coin projects were abandoned, cumulatively costing investors $26.7 million.

These projects often begin with promising high returns but eventually leave backers with nearly worthless tokens.

Read more: How to Buy Solana Meme Coins: A Step-By-Step Guide

Additionally, a study by cybersecurity firm Blockaid found that at least 50% of presale tokens on the Solana blockchain from November 2023 to February 2024 were scams. Blockaid’s co-founder, Ido Ben-Natan, linked the rise in fraudulent activities to the growing popularity of meme coins during their presale phases.

The post How This Meme Coin Achieved a Market Capitalization of $327 Trillion appeared first on BeInCrypto.

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