You may have seen these news from Binance:
With the upcoming Binance listing of the Banana Gun (BANANA) token just a day away, I'm feeling pretty conflicted. On one hand, the token has seen a massive pump since the announcement, which is exciting. But on the other hand, I can't help but wonder what will happen once it actually hits the exchange.
To be clear, BANANA already exists on the Ethereum blockchain as an ERC20 token. So you can already buy and sell it - But for that you need to pay Ethereum gas fees, so whales are playing with it right now, just before the listing on Binance...
Binance mentions a potential for "huge fluctuations in the price" due to the increased circulation from the airdrop rewards. And looking at the numbers, I'm leaning more towards a dump. While the total token supply is 8.9 million BANANA, the max supply is 10 million. With 36% of the total supply circulating upon listing, there's still a lot of room for the supply to increase, potentially putting downward pressure on the price.
Of course, the airdrop itself is interesting. It seems like a pretty unique way to reward BNB holders, and it could certainly incentivize more people to hold BNB in the long term. But will this translate to sustained demand for BANANA?
Honestly, with the tokenomics as they are, I'm leaning towards caution. I think it's important 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 best-in-class trading tools, ranging from the ultimate sniper (for early buys) to custom on-chain limit orders (take profit, stop loss and limit buy).
Banana Gun bot is available on all of the popular chains. Come join our community and start trading!
Despite the recent price surge, some analysts urge caution. Technical indicators, such as the Relative Strength Index (RSI), suggest that BANANA may be overbought. The Chaikin Money Flow (CMF) indicator shows a lack of significant inflows, which could indicate that the price increase is driven more by speculation than by sustained investor interest.
BANANA/USDT Binance 5m chart timeframe shows, it has strong support of $55-66 & resistants are mentioned in this chart.
Disclaimer: This is not financial advice. Please do your own research before making any investment decisions.
