On this article, we shall be wanting on the cryptocurrency Banana Gun (BANANA) and its worth motion after it was listed on the Binance trade.
Just lately, the coin has seen a major improve in valuation, making it one of the crucial sturdy altcoins of 2024.
Let’s take a deeper take a look at this crypto challenge and take a better take a look at how BANANA crypto is acting on the charts.
What’s the crypto challenge 'Bananagun'?
Earlier than we speak about its itemizing on Binance and its buying and selling efficiency, let’s do a fast evaluation of the crypto challenge Banana Gun (BANANA).
It’s a Telegram buying and selling bot that helps customers discover low cap cash and automate the buying and selling course of on DEXs.
BananaGun lets you join your pockets to the Telegram interface and handle buying and selling operations for quite a lot of roughly identified and newly listed altcoins. The objective of this bot is to simplify the buying and selling expertise within the cryptocurrency world via easy-to-use and efficient instruments.
At present, the bot works on the Ethereum, Solana, Base and Blast networks.It offers ample alternatives for hypothesis for customers.
It was launched in early 2023 following the success of Unibot and has managed to realize a very good market share on this explicit area of interest.
In June 2024, BanaGun reached an all-time excessive when it comes to month-to-month buying and selling quantity on the platform.It exceeded $800 million.
Total, the buying and selling bot has accrued a cumulative buying and selling quantity of $5 billion in just below 400 days.
Throughout the identical interval, the corporate attracted greater than 200,000 customers to its platform and achieved complete income of roughly $50 million.
Regardless of the unbelievable numbers posted in latest months, it's essential to level out that it hasn't all the time been easy crusing for BananaGun previously.
In September 2023, shortly after BANANA’s TGE and first itemizing on a DEX, a hack on the platform brought on the cryptocurrency to lose roughly 99% of its worth.
Extra exactly, it was a bug in BANANA’s sensible contract that allowed merchants to promote cash with out really proudly owning them.
Consequently, the token was subsequently re-released, with some problem, for recognition within the broader crypto market.
Binance and different exchanges add bananas to crypto buying and selling market
The largest second of glory for buying and selling bot BananaGun and its cryptocurrency BANANA got here with the announcement of its itemizing on Binance.
Sometimes, the addition of a singular token to the trade's trade represents a consecration second for the underlying challenge.
In truth, Binance provides its prospects the chance to commerce solely cryptocurrencies which have a sturdy ecosystem and an already established consumer base.
Bananagun's massive announcement was made on July 18, 2024and the token's worth rose in the direction of a brand new all-time excessive.
Simply sooner or later later, the Bot crew spoke at X, the place they mirrored on among the key milestones of their journey within the cryptocurrency market.
Beneath are among the phrases utilized by challenge representatives to precise their gratitude to the complete banana ecosystem for reaching this nice milestone:
“Now that our token is accessible to everybody, whether or not they're an everyday individual or a corrupt individual with a Milady PFP, and all eyes are on us, we really feel we're able to speed up. It's time to shut this chapter and open the following one.”
Binance will not be the one cryptocurrency trade that has lately opened entry to buying and selling for the BANANA token. Bitmart listed the coin only a day in the past, together with Gate.io and Kucoin.
Beforehand, BANANA may very well be traded on centralized exchanges corresponding to HTX, Bitget, and MECX, in addition to decentralized exchanges corresponding to Uniswap.
BANANA Cryptocurrency Value Evaluation: Value Will increase on Binance Buying and selling
Now let's transfer on to chart buying and selling and see particularly how BANANA's itemizing on the cryptocurrency trade Binance has affected worth ranges.
If we take a look at the chart, we are able to rapidly see that the one actual catalyst for the inventory worth improve was the IPO announcement.
The precise extra occasion on the platform's cryptocurrency trade is the so-calledPromote the information“
In truth, the second Binance introduced the information on June 18th, BANANA tokens elevated by 25% in only one hour.
On this surroundings, the inventory worth soared to $87, a brand new all-time excessive, and closed at $69 on the hourly chart.
Over the following few hours, it continued to rise step by step. On July twentieth at 11:00 UTC+2, upon itemizing on Binance, it fell 13%.
At present, BANANA is buying and selling at round $63.4.
Whereas this information has solely partially pushed the value into uncharted territory, it’s value noting that its addition to the Binance platform will convey much more publicity to the challenge, which can in flip give the BANANA token extra alternatives to rise in worth going ahead.
If we glance as an alternative on the historical past of bananas, In 2024, we are able to see that it was the most effective altcoins when it comes to buying and selling efficiency.
Costs have risen organically all year long, dropping barely in April and Could when the general cryptocurrency market crashed.
Given its relative energy throughout the sector’s downturn, many fee BANANA as one of the crucial resilient tokens in the complete altcoin sector.
Regardless of not posting the spectacular numbers of lower-capitalization meme cash, BANANA remains to be Six occasions the value in January.
Its present market cap is at $200 million and it has vital room to develop.
Main rivals which will rejoice upcoming itemizing on Binance
BANANA’s subsequent buying and selling bot competitor, and one which will quickly turn out to be a part of the Binance household, is the cryptocurrency UNIBOT.
The challenge is similar to Banana and provides limitless entry to transactions within the Ethereum ecosystem with a handy answer.
Not like the Bananagun platform, regardless of being launched early, it has grown at a a lot slower tempo.
Unibot’s cumulative buying and selling quantity has but to cross the $1 billion threshold, whereas Banana’s is over $5 billion.
By way of income, it's posting roughly the identical numbers as its rivals, however with a a lot smaller consumer base.
Even on the charts, UNIBOT doesn’t seem on the identical degree as BANANA. Its worth will definitely fall considerably in 2024, dropping from $110 to the present $9.9.
Regardless of the unfavorable hypothesis, there may be nonetheless an opportunity that Binance may listing the cryptocurrency within the coming months.
