The Global Cryptocurrency Market Surged to $328 Trillion Thanks to Honeypot

Honeypot is on the rise with the increase in memecoins. Per the report, one attained 100 times the value of the total crypto market.

The Solana blockchain project spawned an obscure memecoin with less than 1,200 holders. Its market cap, astonishingly reaching over $328 trillion, is now equaling the world’s population. On the other hand, this Honeypot Scam is undoubtedly a tricky thing because it’s merely a dream of investors to be able to get rid of their assets.

Affectionally known as “Bonk Killer” (BONKKILLER), the MEMEcoin launched on April 29 and made a trade of around USApril 29 (less than 24 hours). Up to 90% of the tokens will still be in the hands of the originator, as stated by the same analytics firm – Birdeye, as per Cryptoassets Distilled.

Technical Issues: Frozen Tokens and Inability to Trade

Sadly, the oldest mistake, particularly for the one who developed the memecoin, has led to the inability of consumers to move frozen tokens, making token movement impossible.

The Solana-related news website SolanaFloor claims in an April 29 post, “[BONKKILLER], the scam and April 29 t token that has a market capitalization of over $100 trillion, takes the lead among the other tokens following the developer’s actions to block token sales and accounts which prevent token holders from accessing their accounts.”

From a financial standpoint, the surreal $328 trillion appears larger than the global product at $100 trillion, according to Worldometer, a realization only made after the taxation of these cryptocurrencies.

Understanding the Honeypot Scam Phenomenon

HONEYPOT SCAM is demonstrated by BONKKILLER, the last version of memecoin’s rug pull or honeypot schemes. Its operations may cause harm to users who lack awareness. A Cointelegraph Magazine investigation finds that one in six memecoins on the Ethereum layer-2 scaling mechanism – Base – score on the scam spectrum. In contrast, 91% of the memecoins under analysis possess at least one security flaw.

Although these events strengthen the pursuit of understanding knowledge, they also negatively highlight creators’ inadequate expertise in security systems, especially when their tokens are of pure amusement or sarcasm to the industry.

To combat scams like this, creators have developed anti-scam blockchain tools, allowing for real-time analysis of smart contracts and tokens to ensure the detection of honeypots.