BANANA is listed on Binance! Purchase, Hold, or Offload?
You might have noticed the following Binance news:
I’m feeling a little torn because the Banana Gun (BANANA) token’s Binance listing is in only one day. On the one hand, it’s wonderful that the token has witnessed a significant boost since the announcement. However, I find myself wondering what will happen when it actually reaches the exchange.
To be clear, BANANA is an ERC20 coin that is already present on the Ethereum network. Therefore, whales are already playing with it, just in front of its Binance listing, but in order to do so, you must pay Ethereum gas fees.
A possibility for “huge fluctuations in the price” is mentioned by Binance, citing higher circulation from the airdrop incentives. And based on the numbers, I think a dump is more likely. The maximum quantity of BANANA tokens is 10 million, but the total supply is 8.9 million. Since 36% of the entire supply is still in circulation after listing, there is still a good chance that the supply will grow and pressure the price lower.
The airdrop itself is interesting, of course compensate BNB holders, which may encourage more individuals to hold BNB over time. Will there be a consistent need for BANANA as a result, though?
To be honest, given the current state of tokenomics, I’m inclined towards caution. It’s crucial, in my opinion, to keep in mind that cryptocurrency is extremely volatile and anything can happen.
What are everyone’s thoughts? Do you intend to hold onto BANANA after the listing? Do you now want to join in? Tell me what you think!
Concerning Banana Gun
One of the most well-known bots in cryptocurrency, Banana Gun, has an ecosystem token called $BANANA. Best-in-class trading tools are available from Banana Gun, including custom on-chain limit orders (take profit, stop loss, and limit buy) and the ultimate sniper (for early buys).
The Banana Gun bot is accessible on all well-known chains. Come on over and let’s get trading!
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Source : Crypto PM