Investors Earn $9 Million in "Banana" Pump
Date: 2023-09-12 Author: Dima Zakharov Categories: BUSINESS, IN WORLD
On September 11th, the BANANA token trading was launched through the Banana Gun Telegram bot. About 800 users, who had previously joined a whitelist, gained access to the coin's presale. These fortunate participants were able to purchase the cryptocurrency at a rate of 1 ETH to 2,500 BANANA. With the trading kick-start, BANANA holders seized the opportunity to capitalize on this lucrative event.
The trading began at a rate of $0.65 per BANANA, with a market capitalization of $1.65 million. Within minutes of the sales initiation, the coin's price skyrocketed to $8.5. This rapid surge in the cryptocurrency's value is attributed to the influence of trading bots, speculatively responsible for the "banana" pump.
Around 500 out of the 800 whitelisted participants managed to sell their coins within the first hour of trading. Consequently, they turned every invested ETH (approximately $1,700) into roughly $17,000. According to analyst dealer.eth's calculations, investors collectively raked in approximately $9 million in profit.
One investor managed to earn $90,000 in just an hour. They purchased 5,000 BANANA for approximately $9,302 and subsequently sold them for $99,622.
The "banana" traded in the $5-8 range for approximately an hour. Soon after, reports of commission problems on Banana Gun started surfacing. One of the early observers of these issues was a user with the handle AzFlin. An exploit was discovered in the crypto project's contract code, causing the system to improperly allocate commissions. This led to BANANA's price dropping to $0.
Approximately 300 whitelisted participants failed to sell their tokens in time.
