Imagine being a small crypto project, born from a desire to share a powerful tool with friends.
That's exactly how Banana Gun, a Telegram trading bot, began its journey.
But this isn't your average underdog story.
Founded in 2023, Banana Gun quickly rose to prominence, navigating a competitive landscape, overcoming a rocky launch, and ultimately securing a coveted listing on Binance, one of the world's leading cryptocurrency exchanges.
Since its launch, Banana Gun has traded a staggering $5.31 billion in volume.
In March, the project hit a new all-time high with a monthly bot volume of $1.16 billion.
The multichain strategy has been crucial in capturing trading volume across various blockchains, maintaining strong performance even during quieter periods.
Banana Gun is essentially a Telegram bot designed to assist users in trading cryptocurrencies. It primarily offers two key services:
It functions as a tool to help users potentially make quicker and more efficient trades, especially in the highly competitive world of token launches.
Beyond its trading capabilities, Banana Gun has also introduced its own ecosystem token, BANANA, which offers additional features and benefits to holders.
Back in September 2023, the Banana Gun team envisioned a tool that would level the playing field for everyday traders.
Tired of seeing big players dominate the market, they created a bot that bundled sniping functionalities, allowing smaller investors to compete for the same opportunities.
This community-centric approach resonated, and Banana Gun grew organically through word-of-mouth.
They have currently amassed over 79,400 X followers.
However, the team behind Banana Gun had a bigger vision. They believed in building a sustainable protocol, one where users, holders, and the development team could all benefit together.
This philosophy manifested in their decision to forgo the traditional Venture Capitalists (VCs) route.
They rejected lucrative offers from VCs, instead opted for a public sale, raising $1.2 million in September 2023.
Banana Gun is a project that operates independently without external funding, delivering returns that rival the industry's giants.
With cumulative revenue surpassing $50 million in under a year—11,908 $ETH and 54,967 $SOL—the numbers speak volumes.
Banana Gun charges a 0.5% transaction fee on Ethereum (1% for sniping) and 1% on Base, Solana, and Blast platforms.
Revenue composition shows that 83% comes from product sales, with the remainder from trading tax fees.
The high demand for Banana Gun’s product allowed for the removal of the trading tax, boosting $BANANA trading volume and highlighting the project's strong market potential.
Banana Gun's tokenomics is a testament to this philosophy.
Unlike many projects that focus on short-term gains through token taxes, Banana Gun boasts a clean 0%/0% buy/sell tax structure.
The total supply is capped at 10 million tokens, with a carefully distributed allocation.
Over 63% is reserved for the treasury, ensuring long-term growth for the ecosystem.
The team tokens are strategically locked, preventing a rug pull scenario and fostering trust with investors.
The actual circulating supply can be viewed here:
https://dune.com/whale_hunter/banana-gun-supply-tracker
The launch, however, wasn't without its hiccups.
A critical bug in the code sparked fear and accusations of a "rug pull," a deceptive manoeuvre where developers abandon a project after raising funds.
This misstep sent shockwaves through the community, leading to a tumultuous two weeks.
The Banana Gun team, determined to rectify their mistake, dipped into their own pockets to ensure everyone remained whole.
Unsurprisingly, this period was rife with FUD (fear, uncertainty, and doubt) in the crypto space. Regaining the trust of the community became an uphill battle.
Undeterred, the Banana Gun team focused on building a robust ecosystem.
They prioritised innovation, consistently introducing new features and improvements to their bot.
Additionally, they established a 24/7 manned support chat, ensuring users received personalised assistance.
These efforts, combined with their commitment to user experience, propelled Banana Gun to new heights.
The team's efforts culminated in a series of impressive milestones.
They captured significant trading volume on Ethereum, becoming the first to implement various features.
The "Bananalympics," a thrilling event held in November 2023, showcased the skills of top traders, with participants attempting to leverage 1 ETH into a staggering sum close to $1 million.
By January 2024, Banana Gun surpassed a monumental $1 billion in trading volume, while simultaneously deploying their Solana bot.
Their dedication extended beyond the core platform; they expanded support to Base and Blast chains, upgraded their back-end infrastructure, and established strategic partnerships.
However, despite their transformative impact and unwavering commitment to innovation, the identity of the team remains a mystery till date.
Fast forward to July 2024, Banana Gun finds itself on the cusp of a new era.
While some view exchange listings as a finish line, Banana Gun sees it as a starting point.
The highly anticipated Binance listing marks a significant milestone, making the $BANANA token accessible to a wider audience.
This is just the beginning, though.
The founders have ambitious plans for the future, including a revamped Solana bot, a user-friendly web app, and a public API to integrate with other dApps.
Their vision?
A complete ecosystem overhaul.
Binance, under the guidance of co-founder Yi He, employs a rigorous, multi-layered review process for listing projects, assessing technical foundation, market potential, and investment backing.
Projects face internal scrutiny and must overcome strong opposition to be approved. Minimising delays between decision and listing helps mitigate front-running rumours.
For projects that succeed in being listed like Banana Gun, this validation from Binance can significantly boost visibility and credibility, offering substantial benefits such as increased exposure and potential investment opportunities.
As a result, this listing news that was announced on 19 July triggered a significant 23% price surge.
However, since the token's listing on Binance on 20 July, it has experienced considerable volatility and is generally trending downward.
Despite the volatility, it achieved a new all-time high of $78.62 on the listing day.
As of writing, $BANANA is trading at $63.68. This is still a remarkable feat given it started as a single-digit token when it launched in Q3 of last year.
Banana Gun's journey is a testament to the power of community and a commitment to building a sustainable project.
The Binance listing opens doors to a wider audience, and the roadmap hints at exciting developments to come.
With potential future developments and surprises similar to the impact of Binance's involvement, it’s quite possible that the value could reach $100 or even surpass that mark.
Although the team’s identities and backgrounds remain undisclosed, their unwavering determination to fix a critical bug and restore community trust is evident that they strive to succeed.
However, as with any project, it’s essential to stay informed about ongoing developments and conduct your own research.
The recent price drop in BANANA has created a potential buying opportunity, despite significant losses. The coin's ability to maintain support and bounce back will be crucial in determining its future performance.
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