- January 21, 2024
- Posted by: [email protected]
- Category:
A crypto trader took advantage of the SatoshiVM token launch in a quick and profitable move, earning an impressive $6.77 million in just three hours. According to a post on X by blockchain trading firm Lookonchain, the trader strategically leveraged the “Banana Gun” sniping tool to acquire SatoshiVM tokens before the official launch, subsequently selling them at a profit.
To secure the first position for purchasing SatoshiVM at the opening, the trader paid a bribe fee of 141.66 ETH. Utilizing Banana Gun, they invested 277.66 ETH, equivalent to $681,000, to obtain 2.61 million SAVM. Seizing the opportunity as the token’s price surged, the trader then sold 2.16 million tokens for a substantial sum of $4.42 million. Presently, they still hold ownership of 450,000 SAVM tokens, valued at an estimated $3 million, resulting in an overall profit of approximately $6.81 million.
The trader’s adept use of the banana gun tool earned them recognition and accolades on X, with one user, @NickyJbased, praising the trader for achieving a significant market cap gain in a single trade. However, not everyone was quick to applaud, as criticisms surfaced regarding the trader’s potential affiliation with the SatoshiVM development team and questions surrounding the substantial bribe fees paid.
Some critics expressed concerns about the evolving nature of financial practices, with user @DaJuice2121 commenting, “The future of finance. Bribe your way to the front of the line for generational wealth. doesn’t sound too different from the present of finance, tbh.”
Introduced in July 2023, Banana Gun offers users the capability to swiftly engage in presale token sniping and rapid crypto trading. The platform provides two options: “Manual Trade” with a 0.5% fee or “Automatic Sniper” with a slightly higher fee of 0.75%.
Despite its popularity, Banana Gun has not been without controversy. Instances of funds mysteriously disappearing following sniping activities have raised concerns in the crypto community. Moreover, the Banana Gun team faced challenges when they introduced the BANANA token in September 2023. Despite a rapid surge to $8.7 within hours of launch, a glitch in their smart contract system led to a 99% value drop, leaving the token nearly worthless. The team acknowledged the oversight, citing a substantial glitch that went unnoticed despite two audits before the token’s launch. This glitch inadvertently allowed users to sell their assets while retaining tax tokens in their wallets.
