Solana Meme Coin Hits Over $100T Market Cap, Turns Out It's A Scam (2024)
Solana meme coin Bonk Killer (BONKKILLER) launched on April 29, tallying around $4.6 million in trading volume over the last 24 hours. However, the token turns out to be a honeypot scam, as investors cannot sell it after purchasing it.
More than 90% of the tokens are held by the creator, according to cryptocurrency analytics platform Birdeye. Furthermore, the coin has earned a market cap of over $100 trillion. According to Solana Network news aggregator Solana Floor, following all the investments, its developer took action to freeze the token holders’ accounts, thus preventing token sales. Furthermore, the BONKKILLER creator also pulled $1.62 million in funds from victims across 11 transactions, per Birdeye data.
Despite early warnings from market experts, traders continued to pour into the honey pot, only harming their pockets. For context, a honeypot is a type of scam that lures investors with high-profit potential but prevents them from selling. Bonk Killer has done just that, and there are many other meme-coin rug pull initiatives out there. Despite feel-good stories about investors turning small investments into millions, just as many stories exist of gullible investors losing out on their hard-earned money due to coins like BONKKILLER.
Blockchain scam prevention tools have been developed to detect potential honeypots, and they should be used often to prevent getting scammed. These tools work by performing smart contract and token analysis in real-time.
Be careful before investing in new Solana meme-coins. The success of coins like BONK can be promising. However, they also give hope to scammers who are looking for a quick buck at the expense of innocent investors.
Solana Meme Coin Hits Over $100T Market Cap, Turns Out It's A Scam. Solana meme coin Bonk Killer (BONKKILLER) launched on April 29, tallying around $4.6 million in trading volume over the last 24 hours. However, the token turns out to be a honeypot scam, as investors cannot sell it after purchasing it.
Solana SOL -1.026% cryptocurrency's market capitalization reached an all-time high of $81.1 billion on Friday morning in Asia, according to The Block's Price Page. The market cap's previous high was around $77.9 billion in November 2021.
The Solana blockchain has emerged as a strong platform for meme coins due to its reliability, efficiency, and low transaction fees. Over the past month, Solana has seen a 9.62% increase in value, and since June 2023, it has surged by 976%, outperforming Bitcoin.
Solana price stood at $143.09. According to the latest long-term forecast, Solana price will hit $250 by the end of 2025 and then $300 by the middle of 2026. Solana will rise to $400 within the year of 2028 and $500 in 2033.
The primary reason to invest in Solana right now is that it could eventually become the next Ethereum (ETH 0.72%). Solana is a direct challenger to Ethereum in the Layer 1 blockchain space, and has been steadily gaining ground in every major niche, from decentralized finance (DeFi) to non-fungible tokens (NFTs).
With its high throughput and low transaction costs, Solana provides a compelling platform for NFT activities, positioning it as a strong contender for leading the market in 2024.
Solana (SOL -5.16%) is a blockchain platform known for its speed and efficiency. SOL tokens are its native cryptocurrency and are used to pay its transaction fees. Since launching in 2017, Solana has grown to become one of the largest cryptocurrencies in the world.
The Bitcoin halving event in April 2024 sets the stage for a positive boost to the wider cryptocurrency market in 2024. For that reason, the analysts at Coinpedia are predicting a bullish trend that, if sustained through the year, may see Solana rise to a record high near the $500 mark.
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