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RRUPDATES๐: Banana Gun's Token Stumbles, As ChatGPT Detects the Oversight
In a surprising turn of events, the highly-anticipated Banana Gun token, which was projected to challenge the reigning market-leader Unibot, saw its value take a sharp 99% dive just three hours post-launch.
The R Roundup
September 12, 2023
RRUPDATES๐: Banana Gun's Token Stumbles, As ChatGPT Detects the Oversight๐
In a surprising turn of events, the highly-anticipated Banana Gun token, which was projected to challenge the reigning market-leader Unibot, saw its value take a sharp 99% dive just three hours post-launch.
With a presale that sold out in a mere two hours, the bot's BANANA token's tumble from $8.70 to a shocking $0.02 in its first few hours caught many investors off guard.
๐๐๐๐ฃ ๐จ๐ค๐ข๐๐ค๐ฃ๐'๐จ ๐๐๐ช๐๐๐ฉ, ๐ฉ๐๐๐ฎ ๐ฌ๐๐ก๐ก ๐๐ก๐ฌ๐๐ฎ๐จ ๐ฉ๐ง๐ฎ ๐ฉ๐ค ๐๐๐๐๐ฃ๐ ๐ฉ๐๐๐ข๐จ๐๐ก๐ซ๐๐จ.
The launch of $BANANA was a disaster.
Paid influencers however be like:
"If you took profits immediately you won!"
What the f you mean man?
Anyone barelyโฆ twitter.com/i/web/status/1โฆ
— Crypto Nova (@CryptoGirlNova)
Sep 12, 2023
The swift decline had some in the crypto community alleging foul play, interpreting it as a potential "rug pull". However, Banana Gun's official stance pinpointed a contract bug as the cause, which the team admitted they couldn't immediately address. Astonishingly, this flaw made it past not one, but two comprehensive audits.
Announcement
We have a bug in our contract we cannot hotfix.Despite two audits there is a bug in the contract with our taxes, which allows people to sell their bags while having tax tokens remaining in their wallet.
1. First step is to sell the treasury wallet to drain the LPโฆ twitter.com/i/web/status/1โฆ
— Banana Gun ๐๐ซ (@BananaGunBot)
Sep 11, 2023
It was the pseudonymous developer, MisterChoc, who utilized OpenAI's ChatGPT to identify the bug within moments of inspecting the contract, casting a spotlight on the potential of AI in the realm of code inspection. Despite this revelation, industry leaders continue to advise caution when leveraging AI for writing or auditing code.
Addressing the aftermath, Banana Gun delineated its plan to recuperate the situation by selling the treasury wallet, subsequently using the liquidity pool for a fresh contract. The firm also intends to relaunch the token, promising an airdrop to make amends to affected BANANA investors, all while seeking another audit for the new contract.
WAY FORWARD
Shitty situation, but we're going to do everything to make it right. Happy to share an action plan though.
1. We are having our new contract audited, but won't launch until we are sure everything is in order.
2. We are going to take care of our investors.Let us goโฆ twitter.com/i/web/status/1โฆ
— Banana Gun ๐๐ซ (@BananaGunBot)
Sep 11, 2023
Banana Gun's arrival on the Telegram bot trading scene was marked by significant buzz, largely due to the towering success of Unibot. The latter ushered in a heightened interest among traders in Telegram bot-assisted trading, especially for those pursuing new tokens and airdrops with zeal. As per Dune Analytics, trading bots on DEX recorded an impressive $16.7 million daily trading volume as of August 29.
As a reminder, this is not a trading signal or investment advice; it is an opinion, and each trader/investor should know and understand the risks of trading cryptocurrencies.
This should not be regarded as financial advice; feel free to familiarise yourself with our NFA disclaimer.
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