{"id":605870,"date":"2024-04-30T20:00:47","date_gmt":"2024-04-30T20:00:47","guid":{"rendered":"https:\/\/www.uniquehot.com\/?p=605870"},"modified":"2024-04-30T15:12:37","modified_gmt":"2024-04-30T15:12:37","slug":"solana-memecoin-hits-320-trillion-market-cap-but-theres-a-catch","status":"publish","type":"post","link":"https:\/\/www.uniquehot.com\/meme-coins\/solana-memecoin-hits-320-trillion-market-cap-but-theres-a-catch\/","title":{"rendered":"Solana Memecoin Hits $320 Trillion Market Cap, But There\u2019s A Catch"},"content":{"rendered":"

The Solana memecoin frenzy has made many investors score a home run or be out of the game this cycle. Traders are looking for new projects that could be the next hit while the market enters a new re-accumulation phase.<\/p>\n

Related Reading: 1,503x Profit: How A Memecoin Trader Made $13 Million With PEPE<\/a><\/div>\n

Solana Memecoins\u2019 New Strike<\/h2>\n

Memecoins have been the<\/em> narrative<\/a> of this bull cycle. As a result, those who wanted to make big profits mainly invested in newly launched projects. While some have made millions by trading the week’s top gainers, others have lost significant amounts trying to climb the ladder.<\/p>\n

Solana-based memecoins have been the most popular, with some, like dogwifhat (WIF) and cat in a dog’s world (MEW), leading the way. However, not all projects have achieved recognition and support for these tokens.<\/p>\n

A considerable number of the Solana memecoins<\/a> launched in the last two months have left investors empty-handed. The latest culprit is the recently launched Bonk Killer (BONKKILLER), which became the hottest topic on Monday for the wrong reasons.<\/p>\n

The token surpassed the $100 trillion market capitalization only a few hours after launching. Nonetheless, the reason behind what could have been the most impressive feat in crypto history is no other than a honeypot scam.<\/p>\n

\"solana<\/p>\n

Bonk Killer's price and market capitalization. Source: Birdeye<\/a><\/pre>\n
As reported<\/a> by SolanaFloor, the memecoin is a scam token that attracts investors with high-profit potential but prevents them from selling their holdings. Many realized they couldn\u2019t move their tokens only after the project\u2019s creator activated the \u201cfreeze authority.\u201d<\/p>\n
This action allowed the creator to avoid selling the token, which skyrocketed the market capitalization metric to $328 trillion. According to analytics platform Birdeye, the Solana-based memecoin registers a $318 trillion market cap at the time of writing.<\/p>\n
It\u2019s worth noting that the token isn\u2019t backed by the amount reflected in the metric. As one X user pointed<\/a> out, the token is worthless if you cannot sell it.<\/p>\n
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When you buy but can't sell. #bonkkiller<\/a> pic.twitter.com\/AjJokgptmw<\/a><\/p>\n
— Bull.BnB (@bull_bnb) April 30, 2024<\/a><\/p><\/blockquote>\n