So, what is a HoneyPot Token?

A HoneyPot token lures users with the promise of profits, but prevents them from selling their tokens later.

🎯 Usual Targets

  1. General Crypto Users: Little to no experience, follow influencers or pump groups, fall for marketing techniques, or buy fake tokens.

  2. Meme Coin Traders: Think they can make quick profits and get out fast despite suspicious aspects.

Did you know? 💡

Over 5,000 HoneyPots have been created this year alone! 🤯

💸 Why Users Buy

  1. Desire to make money fast

  2. Belief in getting in early

  3. Overconfidence in outsmarting the system

  4. Rushed decisions due to false urgency

FOMOing into a random Pump Signal token will get you REKT

🔍 How to Spot a HoneyPot Token

From the Chart,

  • Mostly Green candlesticks with the occasional Red

From the Code,

  • Unverified contracts

  • Ownership not renounced or other privileged roles still controlled by scammers

  • Blacklisting/Whitelisting

  • High sell fees

  • Restricted transfers

  • Balance manipulation to prevent selling

From Social Media:

  • Check with other holders if they have issues selling (verify if they are real users)

  • Verify the official token address

Once you have bought into a HoneyPot, there is NO way you can recover back your funds❗ Anyone guaranteeing you that they can, is a SCAM.

From Wallet:

  • Randomly airdropped tokens with seemingly real names and value (there is NO free money in this world)

From Transactions:

  • Multiple failed transactions (check chain explorers like Bscscan)

  • Predominantly buy transactions

From Holders:

  • Large percentage of tokens held by few addresses

  • CEX holders to mislead about listings (especially if it's a newly launched token)

  • Unlocked liquidity (scammers can pull the rug anytime)

🛡️ How Users Can Protect Themselves

  1. Avoid impulsive investments

  2. Verify token address authenticity

  3. Conduct thorough due diligence (website, team, roadmap)

  4. Use security platforms like HashDit + Honeypot.is to verify Code risk

🚨 If Caught in a HoneyPot Token, What should you do?

  1. It is unfortunate but accept the loss and move on

  2. Report the contract on platforms like Token Sniffer and RugDoc

  3. Warn the community to break scammers' reliance on silence

  4. Revoke approvals to safeguard your wallet

Stay vigilant and protect your investments! 💵