The Solana memecoin frenzy has made many investors score a home run or be out of the game this cycle. Traders are looking for new projects that could be the next hit while the market enters a new re-accumulation phase.
Solana Memecoins’ New Strike
Memecoins have been the narrative of this bull cycle. As a result, those who wanted to make big profits mainly invested in newly launched projects. While some have made millions by trading the week’s top gainers, others have lost significant amounts trying to climb the ladder.
Solana-based memecoins have been the most popular, with some, like dogwifhat (WIF) and cat in a dog’s world (MEW), leading the way. However, not all projects have achieved recognition and support for these tokens.
A considerable number of the Solana memecoins launched in the last two months have left investors empty-handed. The latest culprit is the recently launched Bonk Killer (BONKKILLER), which became the hottest topic on Monday for the wrong reasons.
The token surpassed the $100 trillion market capitalization only a few hours after launching. Nonetheless, the reason behind what could have been the most impressive feat in crypto history is no other than a honeypot scam.
Bonk Killer's price and market capitalization. Source: Birdeye
As reported by SolanaFloor, the memecoin is a scam token that attracts investors with high-profit potential but prevents them from selling their holdings. Many realized they couldn’t move their tokens only after the project’s creator activated the “freeze authority.”
This action allowed the creator to avoid selling the token, which skyrocketed the market capitalization metric to $328 trillion. According to analytics platform Birdeye, the Solana-based memecoin registers a $318 trillion market cap at the time of writing.
It’s worth noting that the token isn’t backed by the amount reflected in the metric. As one X user pointed out, the token is worthless if you cannot sell it.
When you buy but can’t sell. #bonkkiller pic.twitter.com/AjJokgptmw
— Bull.BnB (@bull_bnb) April 30, 2024
Half A Million Stolen By Memecoin Scammer
Unfortunately for investors, the creator didn’t use the freezing authority to boost the token’s market cap. The scammer took advantage of the function and stole nearly half a million dollars in BONKKILLER and SOL tokens.
The creator, who holds around 90.8% of the total supply, removed 30,500 BONKILLER and 1,561 SOL, worth around…
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