Mint authority
When a token is created, one key is allowed to mint more of it. If that key is still active, the creator can print any amount at any time and sell it into the pool. A serious launch revokes mint authority right away; the on-chain data will show it as "null" or "revoked". If it is still set, everything else about the coin is a footnote.
Freeze authority
The freeze key can lock any wallet's tokens in place. Legitimate uses exist for regulated stablecoins. For a memecoin there is exactly one use: letting you buy and stopping you from selling. Revoked is the only acceptable state.
LP lock and burn
When liquidity is added to a pool, the provider receives LP tokens that represent the right to withdraw it. If the creator holds them freely, the pool can vanish in one transaction. A lock hands the LP tokens to a locker contract until a date; a burn sends them to an address nobody controls. Check the percentage locked, and for locks, the expiry. A lock ending next Tuesday is a countdown, not a guarantee.
Token-2022 extensions
Newer tokens can use the Token-2022 program, which adds features the classic standard does not have. Some are harmless, some are traps with polite names.
- Permanent delegate: an address that can move or burn anyone's tokens at any time. There is no memecoin reason for this to exist.
- Transfer hook: custom code runs on every transfer. It can block sells, tax them or do nothing. You cannot tell without reading the code.
- Transfer fee: a percentage taken on every transfer. Common in "tax tokens"; check how high and who receives it.
- Default account state frozen: new holders start frozen until unfrozen by the authority. A freeze by default.
- Non-transferable: what it says. You can hold it and look at it.
Check the switches on any tokenMint, freeze, LP lock, Token-2022 extensions, holders and more.