An obscure memecoin based on the Solana blockchain has recently made headlines for an extraordinary feat: achieving a market capitalization of $328 trillion, purportedly surpassing every other asset in the world. However, this seemingly remarkable achievement comes with a significant caveat—BONKKILLER, as the memecoin is called, is actually a sophisticated honeypot scam.

Launched just a few days ago on April 29, BONKKILLER has quickly gained traction, boasting a trading volume of approximately $4.6 million within the last 24 hours. Despite its apparent popularity, a closer look reveals a concerning disparity in token distribution, with over 90% of the tokens held by its creator.

The scheme's insidious nature became apparent when holders attempted to sell their tokens, only to find themselves unable to do so. The developer had implemented a "freeze authority," essentially giving them the power to prevent token transfers and sales. This move effectively trapped investors' funds, rendering their holdings illiquid and worthless.

Despite warnings and alerts from various cryptocurrency platforms and analysts, some traders continue to purchase BONKKILLER tokens, highlighting the pervasive risks and speculative nature of the cryptocurrency market. This incident serves as a stark reminder of the importance of conducting thorough due diligence and research before investing in any cryptocurrency, especially in the volatile and unregulated world of memecoins.