A digital currency trader has reportedly turned a staggering $6.77 million profit within three hours of the SatoshiVM (SAVM) token launch. This savvy individual employed a known trading bot known as Banana Gun to be the first to purchase the newly-released token. As the price of the token rose, he then sold off his holdings and made just under $7 million in returns. This trader managed to secure 2.61 million SAVM at a cost of 277.66 Ether (approximately $681,000) utilizing the Banana Gun tool.
Debuting in July 2023, Banana Gun has made a mark in the crypto space by enabling its users to swiftly purchase pre-sale tokens and carry out crypto trades quickly. The platform presents two options for its users: a “Manual Trade” where trading fee is 0.5%, or the “Automatic Sniper” option where the fee is 0.75%.
The rollercoaster ride that followed the launch of BANANA token saw its price plummet by 99% within just three hours. The Banana Gun team behind the token attributed this dramatic fall to a bug that occurred during its initial launch. To rectify the situation, the developers decided to sell treasury, ensure all those involved in v1 were compensated, and carried the financial burden before rolling out v2. The Banana Gun tool, however, did not escape controversy, due to continuing incidents of funds unexpectedly disappearing after using the tool. Though Banana Gun representatives have denied responsibility, maintaining that it is actually some token contracts enabling fund misappropriation.
The trader who pocketed the considerable profit, paid 141.66 ETH as part of the Banana Gun’s sniping service, earning him more than 2.5 million SAVM tokens. Later on, the trader reportedly sold 2.16 million of these tokens and made $4.38 million. At present, the trader holds an estimated $3 million worth of SAVM tokens or around 450,000 units.
This quick-thinking move earned the trader a fan-base on X. Many users lauded his audacity and readiness to invest heavily in the sniping service, some even referred to him as a legend, while others praised the significant profit he made from utilizing the Banana Gun tool.