How a dubious memecoin reached a capitalization of $327 trillion

New memecoin BONKKILLER powered by Solana has reached a staggering market capitalization , exceeding the GDP of any country in the world

The new memecoin BONKKILLER, launched on April 29 based on the Solana blockchain, attracted the attention of the crypto community because its market capitalization has already reached $327 trillion, exceeding the total GDP of any country in the world. This was another reminder that investors always need to be on guard.

BONKKILLER owners cannot sell memcoin

Despite the fact that the coin has only 1,143 holders, the trading volume in 24 hours was approximately $4.24 million. According to cryptanalytic platform Birdeye, more than 90% of tokens are controlled by its creator. Additionally, the “freeze authority” feature prevents coin holders from selling their holdings, effectively freezing their investment.

BONKKILLER's Estimated Market Cap Is an Anomaly and a Stark Warning. This figure exceeds Bitcoin's market capitalization (about $1.2 trillion) by more than 300 times.. It is also 3.28 times greater than global GDP, which is about $100 trillion.

This clearly inflated number is due to the fact that most tokens are not tradable. This indicates a common type of honeypot fraud, in which money invested in an asset ends up in the trap of criminals.

Read also: The most popular narratives in the crypto industry: from memcoins to RWA

BONKKILLER price dynamics. Source: Birdeye

Despite clear warnings of a fraudulent scheme, investors continue to buy BONKKILLER tokens. The scheme has already swindled victims out of $1.62 million in 11 transactions.. This strategy takes advantage of the common fear of missing out (FOMO) among investors, which motivates many to invest in seemingly lucrative opportunities.

“From the initial supply of 1 SOL (~$140 dollars), the developer who created the BONKKILLER scam coin has already earned almost half a million dollars. Retail investors just keep giving this guy free money,” comments crypto analyst Gnarleyquinn.

Recent investigations by blockchain experts have revealed similar patterns in other cryptocurrency projects. Thus, crypto sleuth ZachXBT discovered a dozen similar examples with meme coins created on the basis of Solana. All of them were abandoned, costing investors a total of $26.7 million.

Read also: Half of the token pre-sales on Solana turned out to be fraudulent

Such projects often start with the promise of high returns, but end up leaving investors with tokens that have no value. Analysts attribute the increase in the number of fraudulent projects to the growing popularity of memcoins at the pre-sale stage.