An obscure Solana-based memecoin has skyrocketed to a market cap of $328 trillion, making it the most valuable asset globally. However, this astonishing growth is due to the fact that it is a honeypot scam, leaving investors unable to sell their tokens.

The memecoin, BONKKILLER, was launched recently and has amassed $4.6 million in trading volume within 24 hours, with over 90% of the tokens owned by the creator as reported by the cryptocurrency analytics platform Birdeye.

Investors who acquired the memecoin soon realized they were unable to move or sell it after the developer implemented a "freeze authority" to prevent token transfers. SolanaFloor shared this development in a post on April 29.

A honeypot scam entices investors with promises of huge profits, only to restrict their ability to sell the tokens. Despite warnings about the scam, traders continue to purchase BONKKILLER tokens according to Birdeye data.

The creator has made significant withdrawals totaling $1.62 million from victims in 11 transactions, further confirming the malicious intent behind the project.

BONKKILLER is just one of many memecoins that have deceived unsuspecting users through rug pulls or honeypot scams. Many of these projects on the Ethereum layer two scaling solution Base have been identified as potential scams or possessing security vulnerabilities.

While some scams may be deliberate, others could stem from creators' lack of understanding of proper security protocols, especially when launching tokens as jokes or for satirical purposes.

Efforts to combat blockchain scams include the development of tools that can detect potential honeypots by analyzing smart contracts and tokens in real-time.