Despite challenging market conditions, BANANA has experienced a significant 50% increase in value over the past five days.
The surge comes after a major transaction took place a few hours ago, where 25,000 BANANA tokens (worth about $1.11 million) were sent to Binance from a Galaxy Digital (galaxyhq) address.
Digging deeper into the transaction, the address 0x0485 linked to Galaxy Digital had earlier received 75,000 BANANA tokens from the Banana Project, worth approximately $3.49 million. Some of these tokens have now been deposited in Binance, indicating a potential strategic positioning in the market.
Historically, whenever the Banana Project (BananaGunBot) transfers tokens to Binance (either directly or through an intermediary wallet), the price of BANANA rises. This pattern has caught the attention of investors and traders and has fueled the token’s current momentum.
BANANA becomes the second most popular asset on DexScreener
Currently, BANANA is the second most popular asset on DexScreener, standing out as the only utility token among many memecoins. This unique position highlights the growing interest and confidence in BANANA, especially as it continues to perform well amidst high market volatility.
The latest move by Galaxy Digital and Banana Project to transfer tokens to Binance has sparked speculation about BANANA’s future price action. Given its current momentum and historical trends, market participants are closely watching to see if the token will continue to rise.
Do you remember the newly launched BANANA? It showed amazing liquidity as soon as it opened, and the price was stable around 60. Although the market crashed later and BANANA once fell to around 30, its strength was verified through huge trading volume and strong rebound!
When the price stabilized at around 35, even in a weak market, BANANA still maintained strong trading volume and large buy orders, as if the project was quietly accumulating funds. After further investigation, it was found that the circulation of BANANA was only 3.2 million, and 2% of the total supply was destroyed a few days ago! This shows that its price is seriously underestimated. Whether in terms of popularity or trading volume, BANANA has performed exceptionally well among new coins.
The project owner has stated that a maximum of 10 million tokens will be issued, of which 11% will be used for destruction to reduce inflation, increase demand, and thus push up prices. Combining recent market trends and the project owner's fundraising behavior, I am more convinced that BANANA is about to usher in a wave of big increases!
Akan is personally very optimistic about the prospects of BANANA. Once the market stabilizes, altcoins are bound to usher in a wave of popularity!
