On September 14th, the creators of Banana Gun, a Telegram bot, initiated the revival of their cryptocurrency token on Uniswap, a decentralized exchange platform (DEX).
On the same date, the development team made another significant announcement. They revealed that the re-launch of the BANANA token would be accompanied by an airdrop. This move was aimed at compensating holders who had suffered due to a technical mishap.
Unfortunately, this incident had led to a staggering 99% drop in the token’s price. Upon its return to Uniswap, the token’s value will commence at $6.2, boasting a market capitalization of $14.8 million, and locking in liquidity of $2.1 million on Uniswap v2 for a duration of two years.
Out of the freshly minted 2.39 million tokens in circulation, a substantial 2.22 million tokens are earmarked for holders. Additionally, the team has allocated 1.1% of the total token supply to serve as a reserve for addressing any pending airdrop-related matters.
It’s worth noting that we do not intend to retain these tokens indefinitely. Should they remain unutilized for corrective airdrop purposes, we will take the necessary steps to remove them from circulation, effectively diminishing our Fully Diluted Valuation (FDV).
Banana Gun Project Revival: Overcoming Challenges and Rebuilding Trust
On September 14th at 20:00 pm UTC, Banana Gun’s Team is set to mark the culmination of their tireless efforts. This event signifies the revival of their project, which had faced issues with the initial smart contract.
Despite having undergone two separate audits, the team encountered unexpected challenges. As a result, they were compelled to take drastic measures, including emptying their treasury wallet and depleting the liquidity pool for BANANA tokens. This unfortunate situation ultimately led to a catastrophic price plummet.
The crisis originated from a fundamental flaw within the smart contract. This flaw permitted BANANA holders to conduct sales without incurring any associated taxes. However, when a user on X stumbled upon this loophole, it cast doubts on the team’s commitment.
Consequently, allegations arose, suggesting they might have ulterior motives to defraud their user base. Banana Gun, operating as a Telegram bot, streamlines the acquisition of Ethereum tokens via the messaging application.
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