A new Solana-based memecoin, known as BONKKILLER, has caught the attention of many members of the cryptocurrency community by claiming an astonishing market cap of $328 trillion.
Despite warnings and the apparent trap, over 1,000 investors have been drawn to the coin, which ranks as the highest market cap asset falsely. The memecoin, launched on April 29, has seen around $4.6 million in trading volume within just 24 hours.
BONKKILLER is a typical scam. It attracts investors with the prospect of high profits but then prevents them from selling their tokens. The developer has implemented a “freeze authority” feature that restricts token transfers, effectively locking investors’ funds.
According to SolanaFloor, BONKKILLER is neither backed by significant fiat resources nor provides any real liquidity, as token holders are prevented from selling. This situation underscores the memecoin’s artificially inflated market cap as misleading and impractical.
Despite advice alerting the crypto community about the risks of investing in such schemes, traders continue to purchase BONKKILLER tokens. This trend highlights the crypto market’s ongoing vulnerabilities to scams such as rug pulls and honeypots, which target unsuspecting users.