Solana memecoin hit a massive 328T market cap – but for all the wrong reasons

With more than 1,000 holders, the obscure Solana-based memecoin has become the world's largest market cap at $328 trillion. The catch? It's a honey scam and no one can sell it.

The honeypot memecoin was launched on April 29, BONKKILLER showed a transaction volume of around $4.6 million in the last 24 hours. More than 90% of tokens are creator-owned, according to cryptocurrency analytics platform Birdeye.

Unfortunately, many investors who bought memecoin quickly realized that they could not move anything after the developer put a “freeze authority” – which allows to prevent the transfer of tokens.

“[BONKKILLER]Scams and Honey Scams Token Exceeds $100 Trillion Market Cap Developer Moves To Block Token Ledger Accounts And Prevent Token Sales, Solana-focused news platform Solana Flor said in an April 29 X post.

A highpot is a type of scam that lures investors with high profits but prevents them from selling.

For perspective, $328 trillion is 3.28 times greater than the total global gross domestic product, which is $100 trillion, according to Worldometer.

Indefatigable token activist “thirt13n” is among those who have argued that memecoin is not really backed by that much fiat and that the market benchmark is worthless if token vendors can't sell it.

“Measures of Power. If you can't sell it, the price is $0.

Despite several platforms notifying investors about the honeypot scam, traders continue to buy BONKKILLER tokens, according to Birdeye data.

The creator has spent $1.62 million in funds from victims in 11 transactions on chain data.

Related: Foundation-Based Phishing Scams Up 1,900% Since January – Fraud Sniffer

BONKKILLER is the latest example of a memecoin carpet drag or honey scam deceiving users.

According to a study conducted by Cointelegraph magazine, one out of six memecoins on Ethereum layer two fraud solutions Base are frauds or have such characteristics and 91% of memecoins analyzed have at least one security vulnerability.

However, they may reflect a creator's lack of knowledge about proper safety procedures, especially as a joke or to advance the industry.

Blockchain fraud prevention tools are designed to identify potential honeypots by performing smart contract and token analysis in real-time.

Magazine: 1 in 6 new Base meme coins are scams, 91% vulnerable