What is Banana Gun? Is it worth participating in its offering?

What is Banana Gun?

Banana Gun is one of the more popular Telegram trading bots available on the market today. Banana Gun provides two services: trading and sniping. Trading allows you to buy tokens that are already live on Ethereum safely. Sniping enables you to acquire tokens before others from upcoming token launches. Banana Gun only supports Ethereum but plans to support more chains in the future.

Telegram trading bot is a fast-growing segment recently. Maestro Bots is considered the No.1 player, but it has no token. Unibots and Banana Gun are competing for the No.2 spot. Unibots launched a token, $UNIBOT, and enjoyed success on the market. While Ethereum remained flat for the past 90 days, $UNIBOT went up by 500%, with spikes as high as 2,000%.

How to Use Banana Gun?

Want to try Banana Gun out yourself? It's very easy to set it up.

First, on your Telegram, join @BananaGunRegister_bot, @BananaGunSniper_bot, and @BananaGunSell_bot.

In @BananaGunRegister_bot, type /start, and a dialog box will pop up. Just follow the instructions and you will be able to add a wallet to this bot.

In @BananaGunSniper_bot, type /start, and a dialog box will pop up. You can select the options provided to snipe any tokens you want.

In @BananaGunSell_bot, type /start and /verify. A dialog box will pop up. After verification, you can use Banana Bot to trade any ERC-20 tokens.

@BananaGunRegister_bot is created for new users to add their wallets. Its purpose is to filter out flooding/spamming attacks so that the Sniper and Sell bot can function properly.

@BananaGunSniper_bot is responsible for your basic settings, starting snipes, and already live tokens manually via Manual Snipe.

@BananaGunSell_bot is responsible for showcasing tokens that you bought via Banana Gun.

Banana Gun Stats

Banana Gun has enjoyed healthy growth since launch, as evidenced by volume and user increase in the charts below.

However, Banana Gun users are not very sticky. 36.5% of users only used the bot once. 52% of users only used the bot once or twice.

$BANANA Token Launch

Banana Gun plans to launch its token, $BANANA, today (Friday, September 3) at 17:00 UTC (Beijing time: 1:00 AM, Saturday, September 4).

$BANANA will launch on Banana Gun's dApp. Key stats of the launch include:

• Raise: 800E
• Max allocation per wallet: 1E
• Presale price: $0.65
• Launch price: $0.65
• Starting market cap: $1.56m
• Starting FDV: $6.5m

The launch will have a tiered whitelist procedure. These spots will be opened in different rounds, which will be first come, first serve. It is expected that the launch will sell out during round 2.

The total supply is 10,000,000 tokens, and the allocation is as follows:

This will lead to an initial circulating supply of 2.4m tokens (including liquidity). The token will have a 4% buy and a 4% sell tax, which will be streamed towards:

• 2% - token holders
• 1% - team
• 1% - treasury

This tax will be lowered later when the market cap has grown substantially.

Initial liquidity will be seeded with 300k $BANANA and $195k liquidity for a total liquidity of $390k for a $1.56m starting market cap.

Should You Participate?

When $UNIBOT has a market cap (same as FDV because all tokens are circulating) of $83 million, Banana Gun's starting at $1.56 million market cap and $6.5 million FDV is attractive.

However, there will be hidden traps when something looks like a no-brainer. For example, there are obvious red flags. The team controls 75.8% of the supply, and the treasury vesting schedule is unclear. Then there's a 4% buy/sell tax, which will be problematic to get $BANANA listed on major CEXes. Also, the team plans to raise 800E but only puts 125E in the liquidity pool.

If you are whitelisted, buying as much as you can up to your 1E limit should be profitable. Your cost basis will be the same as presale recipients, aka potential dumpers.

However, if you plan to buy via secondary market transactions, you must exercise caution to avoid another pump & dump or rug pull.