Binance has unveiled the first project on its Binance Airdrops Portal – the Banana Gun (BANANA) token. This ecosystem token powers the Banana Gun bot, which offers trading tools for on-chain tokens.
The initiative aims to provide more trading opportunities to Binance users and engage the BNB token holders.
Binance Will List Banana Gun on Saturday
From June 23, 2024, at 00:00 UTC, to July 5, 2024, at 23:59 UTC, Binance customers who subscribed their BNB tokens to Simple Earn products qualified for the BANANA token airdrop.
Furthermore, Binance plans to list BANANA on July 20, 2024, at 09:00 UTC. The token will be available in various trading pairs: BANANA/BTC, BANANA/USDT, BANANA/BNB, BANANA/FDUSD, and BANANA/TRY. Due to its risks and volatility, BANANA is categorized as a seed token.
“BANANA is a circulating token. The HODLer airdrop rewards will rapidly increase the circulation in the secondary market, which may cause huge fluctuations in the price compared to the current price after Binance opens,” Binance warned its users.
Read more: Binance Review 2024: Is It the Right Crypto Exchange for You?
Moreover, Binance’s HODLer Airdrops program plays a crucial role in this development. This program rewards BNB holders with token airdrops based on historical snapshots of their balances. Unlike conventional airdrop methods that require continuous engagement, HODLer Airdrops provide rewards retroactively, simplifying the process for users.
Following Binance’s announcement, the BANANA token has risen over 26% in value within the past 24 hours. It is currently trading at $72.85, with a market capitalization of $174.8 million. Since the beginning of the year, BANANA’s price has skyrocketed by more than 550%.
This price surge has attracted the attention of numerous crypto traders. According to Lookonchain, a trader recently invested 440 Ethereum (worth about $1.5 million) to purchase 21,183 BANANA at an average price of $71.14, seizing the price momentum.
“This trader previously bought 18,803 BANANA worth $235,000 at $12.52 and sold at $26.26, making a profit of $258,000,” Lookonchain said.
However, the Banana Gun project has faced its share of controversies. In September 2023, a critical smart contract error was identified, temporarily causing the token’s collapse.
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