Short answer
A honeypot is a token you can buy but can't sell, or can only sell with a huge hidden tax. The chart looks great because nobody is able to exit.
Honeypots are built to attract buyers. The price only goes up, because sells are blocked for everyone except the creator. When enough money has come in, the creator sells their own tokens and the price collapses.
The reliable way to spot one is to simulate a sell before you buy: build a sell transaction and check whether it would succeed and how much you'd get back. That's the first item in the DYOR rug check.
Be wary of any token where you can't find real sells in the trade history, or where the only big sells come from one wallet.
See the checks for yourself
18+ only. Self-custodial: you keep your keys. 0.5% per trade, no minimum. Memecoins can go to zero.