A honeypot token is a scam cryptocurrency created by hackers to steal money from unsuspecting victims. They lure people into investing in them and then stealing the funds.
They are often advertised as valuable investment opportunities, but in reality, they are not sellable, locking the invested funds in the token pool. The scammers behind these tokens can then steal the funds in one lump sum or gradually drain the pool over time. Additionally, these tokens creators often use commercial bots to simulate sales from multiple addresses, making them appear more popular and valuable.
In summary, a honeypot token is a scam created by hackers to steal money from unsuspecting victims. It is not a legitimate or acceptable practice, and it is crucial to be cautious of any token that promises high returns with little or no risk. Always conduct thorough research before investing in any cryptocurrency or token.