Solana meme coin Bonk Killer (BONKKILLER) launched on April 29, tallying round $4.6 million in buying and selling quantity over the past 24 hours. However, the token seems to be a honeypot rip-off, as traders can’t promote it after buying it.
More than 90% of the tokens are held by the creator, in keeping with cryptocurrency analytics platform Birdeye. Furthermore, the coin has earned a market cap of over $100 trillion. According to Solana Network information aggregator Solana Floor, following all of the investments, its developer took motion to freeze the token holders’ accounts, thus stopping token gross sales. Furthermore, the BONKKILLER creator additionally pulled $1.62 million in funds from victims throughout 11 transactions, per Birdeye information.
Despite early warnings from market consultants, merchants continued to pour into the honey pot, solely harming their pockets. For context, a honeypot is a sort of rip-off that lures traders with high-profit potential however prevents them from promoting. Bonk Killer has executed simply that, and there are a lot of different meme-coin rug pull initiatives on the market. Despite feel-good tales about traders turning small investments into tens of millions, simply as many tales exist of gullible traders shedding out on their hard-earned cash attributable to cash like BONKKILLER.
Blockchain rip-off prevention instruments have been developed to detect potential honeypots, and they need to be used usually to stop getting scammed. These instruments work by performing good contract and token evaluation in real-time.
Be cautious earlier than investing in new Solana meme-coins. The success of cash like BONK may be promising. However, in addition they give hope to scammers who’re on the lookout for a fast buck on the expense of harmless traders.
