Binance Introduces Banana Gun Token on Its New Airdrops Portal

Binance Introduces Banana Gun Token on Its New Airdrops Portal

Binance has launched its inaugural project on the Binance Airdrops Portal: the Banana Gun (BANANA) token. This token is integral to the Banana Gun bot, providing advanced trading tools for on-chain tokens.

Expanding Trading Opportunities for Binance Users

The initiative seeks to enhance trading opportunities for Binance users and actively engage BNB token holders.

Upcoming Listing of Banana Gun on Binance

Between June 23, 2024, at 00:00 UTC, and July 5, 2024, at 23:59 UTC, Binance users who subscribed their BNB tokens to Simple Earn products became eligible for the BANANA token airdrop. Additionally, Binance has announced the listing of BANANA on July 20, 2024, at 09:00 UTC. The token will be tradable in multiple pairs: BANANA/BTC, BANANA/USDT, BANANA/BNB, BANANA/FDUSD, and BANANA/TRY. Due to its inherent risks and volatility, BANANA is classified as a seed token.

“BANANA is a circulating token. The HODLer airdrop rewards will significantly increase circulation in the secondary market, potentially causing substantial price fluctuations compared to its current price once Binance opens trading,” Binance cautioned its users.

HODLer Airdrops Program: Simplifying Rewards for BNB Holders

Binance’s HODLer Airdrops program is pivotal in this development. This program rewards BNB holders with token airdrops based on historical snapshots of their balances, streamlining the process by providing retroactive rewards without requiring continuous engagement.

Market Impact and Trading Activity

Following Binance’s announcement, the BANANA token has surged over 26% in value within the past 24 hours, currently trading at $72.85 with a market capitalization of $174.8 million. Since the start of the year, BANANA’s price has soared by over 550%.

This price rally has caught the eye of many crypto traders. According to Lookonchain, a trader recently invested 440 Ethereum (approximately $1.5 million) to purchase 21,183 BANANA at an average price of $71.14, capitalizing on the upward momentum.

“This trader had previously bought 18,803 BANANA worth $235,000 at $12.52 and sold at $26.26, making a profit of $258,000,” Lookonchain reported.

Controversies and Challenges

Despite its recent success, the Banana Gun project has not been without controversy. In September 2023, a critical error in its smart contract was discovered, which temporarily led to the token’s collapse.