Case Study: Solana Honeypot - How PLEBCOIN Trapped Degens
Deep dive into a Solana honeypot where buys worked but sells failed. Learn the exact on-chain tells before you get stuck.
- Sells reverted due to a hidden blacklist modifier
- Tax jumped from 5% to 99% after liquidity spike
- Single deployer wallet controlled mint + freeze
What Happened
PLEBCOIN launched with a fair-look presale, 5% tax, and memey branding. Within 2 hours, buys were fine but sells began to fail.
The contract hid a blacklist modifier triggered after liquidity crossed $150K. Dev wallet called the function, instantly trapping all new buyers.
Because the mint and freeze were never renounced, the deployer retained full control. After volume built up, the team flipped the blacklist and raised sell tax to 99%, converting the memecoin into a soft honeypot.
Explorer traces showed the deployer funded by a fresh CEX deposit, then funneled across 3 wallets that all interacted with the token within 15 minutes of launch — a tight cluster indicating a single actor.
On-Chain Red Flags
Mint & freeze authority NOT renounced; same deployer wallet.
Hidden blacklist function gated behind a liquidity threshold.
Sell tax toggled from 5% to 99% after the trigger transaction.
Top 3 wallets (all linked to deployer) added >40% of initial liquidity.
No stable pair; only SOL pairing with slippage spikes once blacklist engaged.
Owner-only functions lacked caps — taxes and blacklist controls were unrestricted.
Off-Chain Tells
Telegram muted 30 minutes post launch.
Twitter engagement was botted; follower/like ratio ~0.2%.
No docs, no roadmap, and domain registered 5 days before launch.
Pinned messages changed after launch, removing “renounce soon” claims.
How to Avoid This
Always check mint/freeze renounce status before aping.
Scan for blacklist/whitelist modifiers and tax setters.
Watch for liquidity-triggered functions; read the diffs if proxy/upgradeable.
Use small test sells; if they revert, treat it as a honeypot.
Require a stable-pair and caps on tax setters before sizing in.
Tips to Find Safer Plays
Prefer contracts with renounced mint/freeze and capped taxes.
Look for distributed LP adds (multiple wallets) and verifiable LP locks.
Check social age: older, consistent accounts with organic engagement beat fresh botted profiles.
Avoid projects where the deployer still holds LP tokens or upgrade authority.
Why did sells suddenly fail?
The contract had a blacklist modifier that activated after liquidity crossed a threshold, blocking sells except from the dev’s allowlist.
Is a high tax always a rug?
Not always, but sudden tax jumps to 50–99% with no warning are a strong rug signal. Taxes should be capped and immutable after launch.
How can I test safely?
Buy tiny, attempt a small sell. If it reverts or taxes are extreme, walk away.