Benji Memecoin (BENJI) Launch Sparks Caution Due to Security Risks and Concentrated Ownership

Benji Memecoin (BENJI) has launched with a market capitalization of approximately $281,480 and a circulating supply valued at $0.0005630 per token. The token's liquidity is around $28,150, constituting 10% of the total market cap, and it was initially issued with a 100% Solana (SOL) backing plus 5%.. Security parameters indicate concerns: the token metadata can be modified, and neither mint nor freeze authorities are assigned, though the liquidity pool has not been burned. The majority of the supply (95%) is owned by the creator, with Raydium holding 5%. The overall score assigned to this token is poor (1), signaling significant risks. Given the creator's substantial ownership percentage and the lack of certain security features, the token appears highly risky for investors. It is advisable to exercise caution and avoid investing in this token at this stage, especially considering the centralization of holdings and the security concerns. Monitoring the project closely for any changes or improvements in security features and distribution is recommended before considering involvement.