Dangerous cryptocurrency token is being bought en masse despite the inability to sell it

Recently, a meme-coin called Bonk Killer (BONKKILLER) was launched on the Solana blockchain SOL $147.14 Solana 0.07% Market capitalization $68.09 billion VOL. 24 hours $0.51 billion , which quickly reached a market capitalization of $ 328 trillion. However, the virtual asset turned out to be a honeypot scam — a type of scam where investors are attracted by the high profit potential but cannot sell their tokens.

Over the past 24 hours, the volume of trading with the virtual coin amounted to about $ 4.6 million, and yet, more than 90% of the tokens are in the hands of scammers, according to the Birdeye analytical platform. Shortly after the purchase, investors found out that they could not move their tokens due to a «freeze function» activated by the developer, which prohibits the transfer of tokens.

Despite numerous reports on the platforms about the honeypot scam, traders continue to buy BONKKILLER tokens. According to Birdeye, the developers have already withdrawn $ 1.62 million from victims through 11 transactions.

The overall situation with meme coins is complicated. According to a study by Cointelegraph Magazine, one out of six memecoins on Ethereum layer-2 is a fraud or has signs of fraud, and 91% of the analyzed memecoins have at least one security flaw.

This indicates that despite the great profit potential that new digital assets can offer, it is important to be cautious and conduct a thorough analysis before investing in any cryptocurrency, especially memecoins, which are often the target of fraudulent schemes.