Telegram-based trading bot plans to redistribute BANANA after botched launch

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Telegram-based trading bot plans to redistribute BANANA after botched launch

Telegram-based trading bot plans to redistribute BANANA Token after miscoded taxes lead to unntended inflation.

The Banana Gun trading bot is planning to reissue its token after a botched launch.

BANANA went live today and surged to a $70M market value in less than an hour - the token has since dropped to nearly zero after the team discovered a bug in the smart contract.

The team also sold the BANANA tokens held in the project's treasury to drain BANANA/ETH liquidity pool on Uniswap. The Banana Gun team has said that it has taken a snapshot of affected users and plans to compensate them.

Banana Gun, a trading bot designed for Telegram-based trading, is designed to be an assets that share the revenue generated by Banana Gun. Crypto's bright spot this year has been its bots.

The launch of BANANA was spoiled by a buggy move to pay a 4% fee on transfers.

Of those fees, 2% goes to other BANANA holders, 1% to the team and 1% to the project's treasury. The team miscoded the token such that the tax would accrue as designed, but another 4% of tokens would also be minted and sent to the person who initiated the transfer. The supply of BANANA was set to increase every time someone transferred the token.

Banana Gun is responsible for 62% of Telegram bot trades as of Sept. 11, according to a Dune Analytics dashboard. The trading bot industry has already passed 100,000 users, up from 100,000 in the past few months.

Instead of a successful token launch, the team is dealing with widespread community backlash, with many questioning how the audit missed such a critical bug.

The problem doesn't appear to have soured the broader market for Telegram bots- UNIBOT, the token of a competing Telegram bot, has surged nearly 15% in the past 24 hours as traders place their bets elsewhere. Unibot enables just under a quarter of bot trades.

Banana Gun raised 800 ETH, worth roughly $1.2M, through its pre-sale. In total, 800 wallets received presale allocations from BANANA, said a self-described analyst.

The dealer said that approximately 500 of the 800 wallets sold within the first hour, netting a cool 10,000% profit.