In this article we examine the crypto Banana Gun (BANANA) and its price performance after the listing on the trading exchanges of Binance.
Recently this coin has experienced a strong surge in its valuation, making it one of the most solid altcoins of 2024.
Let’s delve deeper into this cryptographic project and take a closer look at how the BANANA crypto is moving on the charts.
Summary
What is the crypto project Banana Gun?
Before talking about the listing on Binance and its trading performance, let’s briefly analyze the crypto project Banana Gun (BANANA).
This is a Telegram trading bot that helps users find low-cap coins and automate trading processes on DEX.
With BananaGun it is possible to connect your wallet to the Telegram interface and manage your trading operations on a wide range of more or less known or newly listed altcoins. The goal of the bot is to simplify the trading experience in the crypto world through a tool that is easy to use and effective.
At the moment the bot is operational on Ethereum, Solana, Base, and Blast networks, offering ample speculation opportunities to users.
Launched at the beginning of 2023 in the wake of Unibot’s success, it managed to carve out a good market share in this particular niche.
In the month of June 2024 BanaGun recorded a historic high regarding the monthly volume of its platform, surpassing 800 million dollars.
Overall, this trading bot has accumulated a cumulative volume of 5 billion dollars in just under 400 days.
In the same time frame, it attracted over 200,000 users to its platform, achieving a total revenue of approximately 50 million dollars.
Despite the staggering numbers it has been posting in recent months, we must point out that in the past it has not always been smooth sailing for BananaGun.
In September 2023, shortly after the TGE of BANANA and the listing on the first DEX, the crypto lost about 99% of its value following a hack on the platform.
More precisely, it was a bug of the smart contract of BANANA that allowed traders to sell their coins even without actually owning them.
The result is that the token was relaunched subsequently with not few difficulties to appreciate itself in the wide cryptographic market.
Binance and other exchanges add Banana to their crypto trading markets
The moment of maximum splendor for the trading bot BananaGun and its crypto BANANA was reached with the announcement of the listing on Binance.
Usually, the addition of one’s own token on the exchanges of this exchange represents a moment of consecration for the underlying project.
Binance in fact offers exposure for trading to its clients only of cryptocurrencies with a solid ecosystem behind them and with an already established user base.
The big announcement for BananaGun arrived on July 18, 2024, and it allowed the token’s prices to push towards new all-time highs.
Just one day later, the bot team spoke on X, retracing some key milestones of their journey in the crypto market.
These are some of the words used by the representatives of the project to thank the entire Banana ecosystem for the great milestone achieved:
“Now that our token is accessible to anyone, whether it is a normal person or a degenerate person with a Milady PFP, now that all eyes are on us, we feel ready to accelerate. It is time to close this chapter and open the next one.”
Binance is not the only crypto exchange to have recently opened access to trading the BANANA token. Bitmart listed the coin just a day earlier, as did Gate.io and Kucoin.
Previously BANANA could be traded on centralized exchanges like HTX, Bitget, and MECX, and on decentralized exchanges like Uniswap.
Price analysis of the crypto BANANA: trading on Binance increases the price
Now let’s move on to chart trading and see specifically how the listing of BANANA on the crypto exchange Binance has affected the price level.
Taking a look at the chart, we can immediately understand how the real catalyst event for the rise in quotations was simply the announcement of the listing.
The actual addition event in the cryptocurrency exchanges of the platform was instead a so-called “sell the news”.
In fact, on June 18, at the moment when Binance made the news public, the BANANA token grew by +25% in just one hour.
In that context, it marked a historical high with a spike to 87 dollars, closing the hourly session at 69 dollars.
In the following hours, the rise continued in short steps, before encountering a 13% dump on July 20 at 11:00 UTC+2, simultaneously with the listing on Binance.
Now BANANA is trading around 63.4 dollars.
Although the news has only partially pushed prices into unexplored areas, it is worth noting how the addition on the Binance platform will certainly help bring more fame to the project. Consequently, the BANANA token will have more opportunities to appreciate in the future.
If we observe, instead, the history of BANANA, we see how in 2024 the currency was one of the best altcoins for trading performance.
The growth of prices has been organic throughout the current year, with a slight retracement between April and May in the midst of the dump of the entire crypto market.
Many have consecrated BANANA as one of the most resilient tokens in the entire altcoin sector, given its relative strength during the sector’s gray moments.
Despite not having recorded staggering numbers like several memecoin with low capitalization, BANANA is still at a 6X compared to January prices.
The current market capitalization amounts to 200 million dollars, with a wide margin for growth from here onwards.
The main competitors that could celebrate an upcoming listing on Binance
The next trading bot competitor of BANANA that could soon become part of the Binance family is the crypto UNIBOT.
The project is very similar to Banana and offers unlimited access to trading in the Ethereum ecosystem with convenient solutions.
Unlike the Bananagun platform, it has grown at a much slower pace despite being launched earlier.
The cumulative volumes on Unibot do not exceed the threshold of one billion dollars, while Banana is above 5 billion.
On the revenue front, it marks more or less the same figure as the competitor, but with a much narrower user base.
Even on the charts, UNIBOT does not appear at the same levels as BANANA: in 2024 it has indeed lost much of its value, dropping from 110 dollars to the current 9.9 dollars.
Despite the speculations not being in its favor, it is still possible that Binance might list this crypto in the coming months.
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