The Most Recent Memecoin Scam Project On The Solana Blockchain You Must Avoid

Recent Memecoin Scam Project On The Solana Blockchain

A Solana memecoin (Bonkkiller), with just over 1,000 holders, has risen to the top in the global market capitalization rankings, with $328 trillion.

What’s the catch? It is a honey pot scam. To put things in perspective, $328 trillion is 3.28 times greater than the $100 trillion total value of the world’s gross domestic output, as reported by Worldometer.

This article aims to show you why Bonkkiller is a scam, and you should not invest in it.

What is Bonkkiller Memecoin?

Recent Memecoin Scam Project On The Solana Blockchain

With 50% of the whole supply airdropped to the Solana community, Bonkkiller posed as the first Solana dog coin made for the people and by the people.

The Bonkkiller contributors intended to create a lighthearted memecoin where everyone has an equal chance since they were sick of the nasty “Alameda” tokenomics.

The project went live on April 29 and saw a trading volume of almost $4.6 million on the first day. According to cryptocurrency analytics firm Birdeye, the creator owns more than 90% of the tokens.

Unfortunately, after the developer triggered “freeze authority,” which permits them to block tokens from being transferred, many investors who purchased the token soon discovered that they could not move any of it.

The news platform SolanaFloor, which focuses on Solana, commented, “[BONKKILLER], a scam and honeypot token, surpasses $100 Trillion Market Cap following developer action to freeze token holders’ accounts and prevent token sales.

According to SolanaFloor, the project is a fraudulent token that entices investors with the promise of large profits but prevents them from liquidating their holdings.

Many didn’t realize they couldn’t transfer their tokens until the project creator turned on the “freeze authority” feature. By not selling the token, the developer prevented its market valuation from plunging.

Despite the community’s caution, several other investors bought the project.

Bonk’s ($BONK) All-time High and Lowest Point Ever

Recent Memecoin Scam Project On The Solana Blockchain

On March 04, 2024, two months ago, $0.00004547 was the highest price for Bonk ($BONK). In contrast, the current price is 45.31% less than the peak price ever recorded. On December 29, 2022 (over a year ago), $0.078614 was the lowest price for Bonk ($BONK) ever paid. In contrast, the price at this time is 28,769.31% greater than the lowest price ever recorded.

Final Thoughts

An investigation by Cointelegraph Magazine found one security flaw in 91% of the memecoin projects investigated on the Ethereum blockchain, many of which are scams or resemble scams.

Bonkkiller has received many negative reviews in the past week. As one of the projects built on the Solana blockchain, its popularity is expected. However, this does not mean that the project is worthy of investment.

In the end, this event serves as a reminder of how crucial it is to thoroughly investigate a project’s history and determine whether the potential for enormous profits justifies the risks.

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