You may have seen the news from Binance: the Banana Gun (BANANA) token is set to be listed on Binance tomorrow, and I'm feeling conflicted about what to do. The token has experienced a significant pump since the announcement, which is exciting, but I can't help but wonder what will happen once it hits the exchange.
To clarify, BANANA already exists on the Ethereum blockchain as an ERC20 token, so you can already buy and sell it—but you need to pay Ethereum gas fees. Right now, it seems like whales are playing with it just before the Binance listing.
Binance has mentioned there could be "huge fluctuations in the price" due to increased circulation from the airdrop rewards. Looking at the numbers, I’m leaning towards a potential dump. The total token supply is 8.9 million BANANA, with a max supply of 10 million. Upon listing, 36% of the total supply will be circulating, which leaves a lot of room for the supply to increase, possibly putting downward pressure on the price.
The airdrop itself is interesting. It’s a unique way to reward BNB holders and could incentivize more people to hold BNB in the long term. However, will this lead to sustained demand for BANANA?
Given the current tokenomics, I’m leaning towards caution. It's crucial to remember that crypto is incredibly volatile, and anything could happen.
What do you all think? Are you holding BANANA through the listing? Are you buying in now? Let me know your thoughts!
About Banana Gun
$BANANA is the ecosystem token of Banana Gun bot, one of the most popular bots in crypto. Banana Gun offers top-notch trading tools, including an ultimate sniper for early buys and custom on-chain limit orders (take profit, stop loss, and limit buy). The Banana Gun bot is available on all popular chains. Come join our community and start trading!
Disclaimer: This is not financial advice. Please do your own research before making any investment decisions.
