Honeypot tokens: you can buy but not sell
A honeypot is a token designed so that buying works and selling does not, or selling costs almost everything you have. The chart looks great because nobody can sell.
How honeypots block sellers
The trick depends on the chain and on the token program.
- Freeze authority (Solana): the creator freezes buyers' token accounts.
- Token-2022 extensions (Solana): a huge transfer fee, a transfer hook that rejects sales, or a permanent delegate that can take tokens back.
- Blacklists and pauses (EVM): the owner can block wallets or pause trading.
- Sell tax (EVM): a sell fee close to 100% that the owner can change at any time.
Signs of a honeypot
- Many buys and almost no sells in the transaction history.
- A price that only goes up while the token is promoted everywhere.
- Owner functions that can change fees or block addresses.
- Holders in the community saying their sell transaction fails.
Testing safely
A tiny test buy and sell can help, but some honeypots let the first sales through and block later ones. A check of the contract settings before buying is more reliable.
The Nemira scanner flags freeze authority, Token-2022 risks and, on EVM chains, honeypot simulations and sell taxes.
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