We’ll start off this article by looking at the fundamentals of the Banana Gun crypto project. From there, we’ll take a closer look at the project’s official website, whitepaper, and social media presence to unravel the intricacies of this project. However, our primary focus in this article revolves around altcoin trading, with particular attention given to the BANANA crypto token. As such, we’ll evaluate its specific use cases and explore the tokenomics of this digital currency. But we won’t stop there; you’ll also find a thorough BANANA crypto price analysis in the following sections. As we get to that section, we’ll analyze the complete price history of the token, using the basics of technical analysis to pinpoint support and resistance levels.
Additionally, to guide you in your investment decisions, we’ll explore how Moralis Money can help you determine the potential of the BANANA token as an investment. And if you decide to jump the gun on the Banana Gun crypto coin, Moralis Money can provide insights into opportune moments to take action. Of course, we’ll ensure you know where to acquire $BANANA.
What is the Banana Gun Crypto Project?
The Banana Gun crypto project is a Telegram bot that allows users to buy crypto tokens via the Telegram app. Currently, the project supports the Ethereum blockchain; however, as per the information on Banana Gun’s official website, it is likely to support other blockchain networks in the future.
According to the project’s manual, the Banana Gun crypto bot actually consists of three bots. One bot serves the registration process, the second one is for buying cryptos manually or in an automated manner, and the third one is for selling cryptocurrencies:
These three Telegram bots are the gist of the Banana Gun crypto project, and they together cover the following key features:
- Auto buy upcoming tokens on Ethereum (a.k.a. “snipping”)
- Manually buy crypto on Ethereum
- Rug-pull protection
- Execute private transactions
- Sandwich protection
- Reorg protection
How Does the Banana Gun Crypto Bot Work?
The above definition of this project makes it quite obvious that to use BANANA crypto bots, you need the Telegram app. The latter is available in mobile and desktop versions. Next, you must join the Banan Gun registration bot to complete the onboarding.
Next, you can use the Banana Gun sniper bot to buy cryptos and the Banana Gun sell bot to sell crypto. Both of these bots can be accessed via the project’s official website:
Once registered, you can use this bot to buy upcoming cryptos automatically, manually buy existing tokens, and sell the tokens you own. Of course, each of these options comes with some essential settings. We won’t dive into these settings in this article. However, if you wish to use the Banana Gun bot, make sure to explore Banana Academy:
What is Banana Academy?
Banana Academy is the majority of the project’s whitepaper/documentation. The latter consists of the “Welcome to Banana Gun” section, which explains the project and offers links to its bots. Right below the welcome section, you’ll find Banana Academy:
As you can see in the above image, the Academy section includes “Auto Sniping,” “Manual Buying,” “Selling,” “Limit orders,” “General Settings,” “Transfer ETH/Tokens,” “Error Messages,” and “FAQs” sections. These sections are essentially manuals on how to use the project’s bots. So, if you decide to give the Banana Gun crypto bot a try, make sure to dive into these sections.
Banana Gun Team and Community
The project’s team is anonymous, and there are no details about how many members it has and what their skills are. However, it is evident that these individuals stand behind the project’s official website, bots, and socials.
Speaking of the Banana Gun socials, the project uses Telegram and X (formerly Twitter) to communicate with its users and followers. On Telegram, Banana Gun offers two portals, one for entry and the other one for announcements.
There are several paths to access these socials; however, the best way to do so from the footer of the project’s official website:
As you can see in the above screenshot, you can also access the above-presented docs via the footer area. You just need to hit the “Banana Gun Manual” button. On the opposite side, we find a video tutorial link, which, at the time of writing, leads to an empty page. However, it indicates that some sort of video tutorial should be coming soon.
What is the BANANA Gun Token?
The BANANA token is the native cryptocurrency of the Banana Gun crypto project. It is a fungible token that lives on the Ethereum chain, where it was minted on September 14, 2023.
The Banana Gun crypto project could easily operate without its own cryptocurrency. And the bot was, in fact, running before the token went live. What’s more, loyal bot users, the ones who were collecting NFTs by completing specific tasks before the token launch, were properly rewarded.
So, one of the purposes behind the BANANA cryptocurrency launch was to reward loyal users. But is there any particular utility for the BANANA crypto asset?
$BANANA Token Use Case
Based on the information provided above, it is obvious that $BANANA is primarily a community token. However, a closer look at the asset’s tokenomics (presented below) shows there’s more to the BANANA cryptocurrency.
For instance, given the team allocation, it is also safe to assume that at least part of the motivation behind the $BANANA crypto token is funding or profits. Moreover, the “Banana Ecosystem” section of the project’s docs offers additional insights. This section explains that the team created $BANANA as an important part of a sustainable flywheel system. In this system, Banana Gun bot users become BANANA token holders, and token holders become bot users.
Furthermore, to ensure that this system is sustainable, the Banana Gun team deploys three key mechanisms:
- Revenue Share – This mechanism is for $BANANA holders, allowing them to claim a share of the Banana Gun crypto project’s revenue. The latter comes from the bot’s revenue and the token’s buy/sell tax. Users who want to join in on this revenue share need to hold the $BANANA cryptocurrency.
- Banana Bonus – This applies to the Banana Gun bot users, who get rewards in $BANANA. The source of this bonus is the bot’s fees – 0.5% on manual buys and 1% on autosniper buys.
- Banana Burn – The team promises to build extra features that will require holding or burning $BANANA. So, for now, token burn events can be arranged on special occasions by the Banana Gun team.
Note: To read more about the Banana ecosystem, make sure to explore the BANANA Token section of the Banana Gun manual.
BANANA Crypto Tokenomics
- Token name: Banana
- Symbol: BANANA or $BANANA
- Network: Ethereum
- Token type: ERC-20
- Smart contract address: 0x38E68A37E401F7271568CecaAc63c6B1e19130B4
- Total supply: 10,000,000 $BANANA
- Circulating supply: approximately 24% of total supply (at the time of writing)
- Buy/sell tax: 4%
- Token allocation (% of total supply):
- 22.2% to holders
- 1.7% for liquidity (locked for two years)
- 1.2% airdropped
- 10% for the Banana Gun team (half of it locked for two years, the other half for eight years)
- 1.1% for relaunch burn
- 3.8% for the liquid portion of the treasury
- 60% for locked part of the treasury (two-year linear vesting)
BANANA Crypto Price Analysis
Since it came to life on September 14, 2023, the BANANA cryptocurrency has been trading on Uniswap. After its listing price at around $6.26, the BANANA crypto price went as low as $5.44 and as high as $10.66 on its first trading day. The token’s price continued to rise for three days, setting its current all-time high (ATH) at around $13.85 on September 17, 2023.
After that peak, the asset pulled back by nearly 50%, setting a new local low at approximately $7.04 on September 22, 2023. From that level, the price bounced back to the $10 level, where it experienced another rejection, which led to a $6.86 retrace. Then, the BANANA crypto price again turned upwards to reach $9.5. However, this level rejected the token again, pushing it down to its current all-time low (ATL) at around $4.91, which was set on October 12, 2023.
From its ATL, $BANANA crypto price ranged sideways for the next eleven days, when it was mainly bound between $5 and $6.5. On October 24, 2023, the BANANA cryptocurrency moved upwards again, reaching the $10 resistance level three days later.
The asset ranged between $8 and 10 over the following four days. On November 1, 2023, $BANANA broke to the downside and revisited the $6.8 level. However, the token didn’t stay there for long as it broke back into its previous range. At the time of writing, the BANANA coin is trading at around 8.78.
Technical Analysis (TA)
The above twelve-hour chart on a regular scale includes the entire $BANANA price path. We’ve also marked key levels of support and resistance. These levels are also the most likely near-term price targets for the BANANA crypto price. In addition, the above chart shows that the latest increase pushed both the price and RSI through a down-trending resistance line (white line). As such, the token may be preparing to push above $10.
Only time will tell if $BANANA can go much higher. However, given its market cap of only $21 million, the asset definitely has enough room to grow. As such, in case the entire crypto market remains bullish, $BANANA could soon be setting its new ATH.
In the case of that scenario, a mid-term optimistic target points to $42 based on the Fibonacci retracement tool’s “4.236” extension:
Is the BANANA Token a Good Investment?
The Banana Gun crypto project is definitely a risky investment. After all, it is a young project with an anonymous team and a low market cap. However, most of the same facts that make it risky on the one hand give it a lot of potential for growth on the other hand.
Consequently, you must consider your current financial situation and risk tolerance before moving forward with your $BANANA investment. You should also research the token and the project behind it to make an informed decision. To that end, you should use the Moralis Money $BANANA token page.
On that page, you can find all the resources and tools you need to determine if you like the Banana Gun project enough to be considered worthy of an investment. Plus, you should also decide if you want to explore the Banana’s revenue share options.
In case you decide you want to buy the $BANANA crypto, you need to time your entry properly. To do that, you need to consider the asset’s live price in combination with its real-time, on-chain metrics. The most optimal time to get a bag of $BANANA would be after a noticeable pullback and an increase in on-chain momentum.
That said, follow the above “$BANANA” link or use the interactive widget below and answer the above question with confidence:
Where to Buy the Banana Gun Crypto
If you decide you wish to get a bag of $BANANA, you have several options. Just use the “Market” section on CoinGecko or CoinMarketCap page for that token. There, you’ll find a list of all CEXs and DEXs that offer the relevant training pair, including the trading volume. As such, you can easily pick a market that best suits your goals.
What’s the BANANA Token? Exploring the Banana Gun Crypto Project – Key Takeaway
- The Banana Gun crypto project is all about offering a bot for buying and selling cryptos.
- The project also has its native token – the BANANA cryptocurrency.
- Part of the $BANANA supply was airdropped to early and loyal Banana Gun bot users.
- BANANA is an important part of the project’s reward and revenue share system.
- So far, the BANANA crypto price hasn’t managed to go higher than $13.85.
- Given the asset’s low supply and currently still low market cap, $BANANA has a lot of potential room for growth.
- To determine if you wish to invest in this risky crypto, make sure to use the Moralis Money $BANANA token page.
Whether you decide to buy $BANANA or not, keep in mind that there are countless other altcoin opportunities. After all, the average altcoin tends to increase by 50x – 70x during a bull run. And, according to most indicators, the next bull market is just getting started!
In order to spot the best altcoin opportunities, you need proper tools. For instance, a reliable TA indicator, such as Money Line, can make a huge difference. However, all top altcoin-finding crypto trading strategies revolve around Moralis Money. This ultimate on-chain analysis platform offers the Token Explorer feature that allows you to find the next coin to blow up across all the leading chains. And you can start for free! However, the ultimate edge awaits Starter or Pro plan users.
