Thread by @lovestacofish

What I learned trading #memecoins today and what you should watch out for.

I've been working on a bot as a side project, the bot waits for new pairs and then is the first to make a buy.
Sounds good right? Well it would be if I wasn't getting trapped by honeypots all day.

So I did some manual trading today to see if I could spot a pattern or something I could filter out.

I found at least 2 bad actors who are making new honey pot contracts almost HOURLY! Here is the Arbiscan link: arbiscan.io/address/0xfe54…

So here is what to look for.
#1 Total Supply is sometimes, by not always either 1,000,000 or only 1,000,000
# 2 Contract Name, is either "Token" or "CoinToken"
# 3 Similar Match Source Code leads to another contract that was also rugged.

Looking at this same contract we will see some strange function called "approveo" which takes and address.

Looking though several of these contracts I was able to follow them, this is the biggest address I found. arbiscan.io/address/0x4a80…

So with these contracts look out for, who created the token, what other txs has the deployer done, if you see a function that takes an address follow it. Also make sure the contract wasn't deployed by another contract.

Very quick I will show an example another group of contracts on BSC. This time the contract has a small Total Supply, 50% was burned and Ownership renounced. Looks like a Degens wet dream

Patterns in this contract:
#1 There's usually a domain and tg that are not even registered, this one is actually for sale lol
#2 A setAccountingAddress function even though the code shows no "fee" or tax going to this address

#3 The "AccountingAddress" acutally goes to an unverified contract. That unverified contract has 16,922 contracts with exact matching byte codes.

Finally they pull the rug by dumping tokens they didnt have. Notice the dump of 100,100,100,100,100,100,100.1001 tokens even though the Total Supply was only 1,000,000

I hope you learned some things to watch out for.

Several honeypot detectors only showed a blacklist warning for these contracts

If anyone knows of a better honeypot detector API hmu so I can finish my bot. Its either that or I'll have to do some actual work to fix it.