Telegram Bot Banana Token Launch Fiasco

Telegram Bot Banana Token Launch Fiasco

Telegram Bot Banana Token Launch Fiasco

The eagerly-awaited launch of the Telegram bot Banana Gun’s native token Banana couldn’t have gone any worse, with the price of the newly launched Banana plummeting from a peak of $8.70 to $0.02 in less than 3 hours after it launched.

Telegram Bot Banana Token Launch Fiasco
Banana Gun (BANANA) token price action since inception. Source: DexScreener

Some crypto users were eager to object, claiming that it was a “rug pull. Nonetheless, the official X account for Banana Gun blamed a bug in the token’s contract that the team was unable to hotfix, observing that the bug managed to pass “despite two audits.

However, the Banana Gun team and its so-called auditors will likely be red-faced with humiliation after a coder using the pseudonym MisterChoc claimed to have used OpenAI’s chatbot ChatGPT to detect the flaw within seconds.

The Banana Gun team defined the “way forward” for users caught in the crossfire, stating that the first step is to sell the treasury wallet to deplete the liquidity pool that will be used for a new contract.

In addition, the team asserted that it would shortly relaunch the token with an airdrop to compensate unlucky Banana investors pending auditing of the new contract.

In this instance, ChatGPT has been lauded for its ability to rapidly identify the flaw; however, experts continue to caution against the use of AI to write and audit code.

The Chief Security Officer of CertiK, Kang Li, stated on September 5 that ChatGPT and other AI-powered assistants may create more flaws than they identify, which could be disastrous for amateur programmers attempting to construct their projects.

Banana Gun is one of the newest and most dominant Telegram bot trading platforms, following in the footsteps of Unibot’s enormous success. Since Unibot, Telegram bot-enabled trading has seen a substantial increase in prominence among degen traders seeking to snipe new tokens and hunt airdrops more efficiently.

Telegram Bot Banana Token Launch Fiasco
Total telegram bot trading volume since Jan. 2023. Source: Dune Analytics

According to data from Dune Analytics, DEX trading bots achieved a record daily trading volume of $16.7 million on Aug. 29.

Read Previous

Crypto Wallets vs. Exchanges – Where Should You Store Your Crypto?

Read Next

Crypto Collectibles and Digital Assets – The Future of NFTs