The Honeypot token refers to a type of scam or fraudulent cryptocurrency project where the creators design it to trap investors' funds. It typically involves a scheme where the creators create a token, encourage investors to buy it, and then suddenly drain the funds by manipulating the smart contract or through other means, leaving investors with worthless or significantly devalued tokens.
Detecting if a token is an "Honeypot"can be challenging but usually involves conducting thorough research about the project, its team, auditing reports if available, analyzing the tokenomics, reading community discussions, and verifying its legitimacy on trusted cryptocurrency review platforms or forum.
For this take your own time and make an curate research about the token and the project that is in your interest.
There are also some tools like Honeypot.is Detector, witch comes to help you in your due diligence , it is easy to use and you can find it joining the Telegram Channel
Below I will make some examples to see the utility and red flags🚩 on some tokens.
All you need to do is to go on Telegram and to type "/" followed by adress of token that you want to check and enter.
Wait for 10 seconds since the bot give you the answer about the token that you choose. My research was made for some tokens that are on BSC(Binance Smart Chain) but if you like you can use even on ERC(Ethereum Smart Contract).
The picture are my own screenshot from Telegram Channel
When you find a token like these last 2 be very carefull, and do an accurate research before investing on it
Telegram: https://t.me/honeypotis
Website :https://honeypot.is/
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