Bittime -The crypto world has been rocked again by the presence of memecoin called Bonk Killer (BONKKILLER) on blockchain. Surprisingly, even though warnings and indications of fraud have been circulating, BONKKILLER actually experienced a drastic price increase to reach a fantastic market capitalization - $328 trillion.
Investors Caught in a Trap?
It turns out, these fantastic numbers are just an illusion. BONKKILLER, which was only launched on April 29, did record a trading volume of around $4.6 million in the last 24 hours. However, more than 90% of the tokens are controlled by the creators. Even worse, the creator has activated the “freeze authority” feature which unilaterally prevents token holders from selling BONKKILLER.
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In other words, investors who have already bought BONKKILLER seem to be caught in a "trap". They may be able to flaunt ownership of trillions of dollars worth of tokens, but in reality those tokens are completely non-liquidable. "[BONKKILLER], a honeypot and token fraud scheme, surpassed $100 trillion in market capitalization after developers froze token holders' accounts and prevented sales," SolanaFloor, a Solana-focused crypto news platform, said on April 29.
Also read: 2024 Crypto Bull Run Arrives! These 5 Altcoins Must Be Purchased Before It's Too Late
Honeypot: A Deadly Trap in Crypto Investments
The term “honeypot” refers to a crypto fraud scheme that defrauds investors with potentially high profits. However, in the end this scheme prevents investors from selling the tokens they have purchased. To illustrate, BONKKILLER's market capitalization of $328 trillion is three times larger than the total global Gross Domestic Product (GDP) of around $100 trillion.
As non-fungible token (NFT) enthusiast "thirt13n" points out, "Irrelevant metrics. If you can't sell, it's worth $0."
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BONKKILLER Continues to Buy Even though It's a Scam?
Strangely, even though various platforms have warned of the dangers of honeypots, Birdeye data shows that there are still traders who continue to buy BONKKILLER. Furthermore, on-chain data revealed that BONKKILLER creators had withdrawn $1.62 million from victims through 11 transactions.
BONKKILLER is just the latest example of a memecoin that uses a “rug pull” or honeypot scheme to defraud unwary crypto users. A Cointelegraph Magazine investigation even found that one in six memecoins on Ethereum's layer-2 scaling solution, Base, were indicated as scams. Worse yet, 91% of the memecoins analyzed had at least one security vulnerability.
However, it is also possible that this is due to the creators' lack of knowledge of proper security procedures, especially if they launched the token just as a joke.
Stay Alert!
The BONKKILLER case is an important reminder to always be alert to crypto investment opportunities that promise fantastic profits. Do in-depth research and analysis before buying any token, especially newly launched memecoins. Use an analysis platform that can detect potential honeypots and don't be easily tempted by investment offers that are too tempting.
How to Buy Solana (SOL) on Bittime
You can buy and sell Solana (SOL) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Solana (SOL) is available on Bittime with the market pair SOL/IDR . To be able to buy SOL/IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn Complete guide on how to buy Solana (SOL) on Bittime .
Monitor price chart movements for Solana (SOL) , Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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