What Is Banana Gun (BANANA)?
What Is Banana Gun (BANANA)
Banana Gun is a multi-chain Telegram bot which allows traders to snipe new token launches or buy existing tokens. As of October 2024, the bot supports trading on the Ethereum, Solana, Base and Blast blockchains.
Traders may use a bot like Banana Gun to automate trades, execute transactions faster than manual trading allows, and potentially snipe assets earlier than other market participants on supported decentralized exchanges. Additionally, Banana Gun also aims to protect traders from maximal extractable value (MEV) bots as well as rug pulls. By analyzing transactions on behalf of the user, the bot can automatically halt or reverse the trade if it detects suspicious activity like a sudden drop in liquidity, preventing users from falling victim to these exploits.
How to Trade BANANA on Flipster
Sign up for an account on the Flipster website or by downloading the Flipster app (Android or Apple).
Click the [Trade] tab.
Search for BANANA and click on it.
Select the leverage (up to 100x).
Select either a Trigger Order or Market Order.
Enter the amount of coin you want to trade or choose a percentage of your available funds.
Once you have confirmed the details, click the [Long] or [Short] button to open a position.
BANANA Tokenomics
Market Cap: $2.33 million (as of 13 September, 2024)
Token Price: $0.3323 per token (as of 13 September, 2024)
Circulating Supply: Approximately 3.22 million tokens (32.2% of total supply)
Total Supply: 10 million tokens
Token Allocation
Circulating | No. of Tokens | % | Remarks |
Circulating Supply | 3,220,000 | 32.2% | |
Non-circulating Supply | No. of Tokens | % | Remarks |
Burned | 1,100,000 | 11% | Forever burned |
Team (locked) | 1,000,000 | 10% | 5% - locked for 8 years, eligible for rewards 5% - locked for 2 years, not eligible |
Treasury (locked) | 4,500,000 | 45% | Used for emissions of Banana Bonus, 2 year linear vested (250k tokens/month, relocked what is not necessary for emissions/operations) |
Other | 180,000 | 1.8% | Loans to market makers, Uniswap liquidity pool |
How Banana Gun Works
Banana Gun protects users from risks and offers a range of configurable trading options. Here are its notable features:
Anti-MEV and Security Features:
MEV-Resistant Swaps: Banana Gun implements MEV-resistant swaps to safeguard users against sandwich attacks and other exploitative practices commonly associated with malicious MEV bots. These bots often attempt to manipulate transaction order and pricing on DEXes to extract profits at the expense of other users.
Anti-Rug System: The bot's anti-rug system actively monitors trading platforms for signs of potential rug pulls, which involve developers abruptly withdrawing liquidity from a token, causing its price to plummet. Upon detecting such suspicious activity, Banana Gun's sell bot automatically sells the asset to protect users from significant losses.
Honeypot Protection: To combat honeypot scams (a type of scam where malicious actors create tokens that can be bought but not sold, trapping users' funds), Banana Gun uses simulations to identify fraudulent tokens. Before authorizing a buy order, the bot attempts a sell transaction to verify the token's legitimacy. The goal is to prevent users from interacting with malicious smart contracts that restrict selling, thereby safeguarding user’s funds.
Trading Features:
Auto Sniping: The auto sniping feature enables users to participate in new token launches and increase their chances of buying them at a lower price. By providing the token address and desired parameters, the bot automates the entire sniping process, allowing users to acquire tokens at the earliest possible moment, potentially capitalizing on early price increases.
Customizable Trading: Banana Gun also offers manual trading capabilities, allowing users to execute trades based on their own preferences and market insights. The bot provides several customizable buy settings such as tax limits, liquidity limits and gas settings.
Limit Orders: Banana Gun supports various limit order types, including buy, sell, take profit, stop loss, and trailing stop loss. These orders help manage risk by automating trades at specific price points, ensuring users can execute their strategies even when not actively monitoring the market.
Potential Risks and Previous Security Incidents
While Banana Gun offers various features to protect users, no system is completely foolproof. For example, in Septemberon September 2024, on-chain security firm Cyvers reported that nearly $2 million worth of Ether was stolen by hackers who managed to drain the wallets of Banana Gun users. While the hack did not point towards a larger vulnerability in Banana Gun’s systems, it serves as a reminder for users to exercise caution and remain vigilant when using any DeFi tool.