UNIBOT Price Surges 20% Following Smart Contract Failure of Competitor BANANA
Two Telegram bot tokens that have garnered attention recently, UNIBOT and BANANA, experienced contrasting movements in the early hours of September 12.
UNIBOT Price Surges 20% Following Smart Contract Failure of Competitor BANANA
One of the emerging trends in the crypto market recently is tokens associated with Telegram bots, which are automated tools created within the Telegram messaging app to facilitate automated trading and private key storage.
BANANA GUN LIVE
— Banana Gun 🍌🔫 (@BananaGunBot) September 11, 2023
We are live! Our contract address is:
Banana $BANANA
0xCcF5CF1D039F1a7B66Be855B79B14A01D0a4dbd5
You can watch the chart on:https://t.co/wDApNKIOvV
Claim your presale bag (even if you claimed the decoy token):https://t.co/QGxrBuU3v9
Any other is fake or a… pic.twitter.com/gT8thjks8E
The project that initiated this trend is UniBot (UNIBOT), which at one point saw its token reach nearly $220 USD in mid-August 2023. However, shortly thereafter, the token's value plummeted by almost fourfold as investor interest shifted elsewhere.
Announcement
— Banana Gun 🍌🔫 (@BananaGunBot) September 11, 2023
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 LP…
At the beginning of September, there was buzz in the community around a new Telegram bot token named Banana Gun (BANANA). The project successfully conducted a pre-sale of tokens last week, raising 800 ETH (over $1.3 million USD).
WAY FORWARD
— Banana Gun 🍌🔫 (@BananaGunBot) September 11, 2023
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 go… pic.twitter.com/AqyFkbjdvH
In the early hours of September 12, Banana Gun announced the token launch and deployed a swap pool on the Uniswap DEX.
However, just one hour later, the project disclosed the discovery of a flaw in the smart contract that could not be quickly rectified, despite claims of having undergone two audits previously.
To prevent malicious attacks, the Banana Gun team decided to dump the BANANA tokens to withdraw all WETH liquidity. The project committed to redeploying the token and using the recovered funds to replenish liquidity, while also snapshotting LP before the withdrawal to airdrop back to users, although a specific schedule has not been announced as additional time is needed to verify the new smart contract.
Subsequently, the price of BANANA tokens plummeted close to zero.
15-minute chart of the BANANA/WETH pair on Uniswap, screenshot taken from DEXScreener on the morning of 12/09/2023
OOF - there is a problem with the @BananaGunBot taxes. The 4% sell taxes remain in seller's account. So if you sell 100 BANANA, you will have 4 BANANA remain in your account. Faulty code is in the `_transfer` function. GG to this launch
— AzFlin (@AzFlin) September 11, 2023
Observe this txn: https://t.co/Wc3BreFyTa.… pic.twitter.com/4ORvlJpOvu
Inflationary. If you sell 100 BANANA with a 4% fee:
— Quit (@0xQuit) September 11, 2023
- contract gets 4 BANANA
- buyer gets 96 BANANA
- you keep 4 BANANA
You've just printed 4% of your transaction value
According to analysis from users like X (Twitter) such as AzFlin (a former Uniswap employee who discovered rug pull tokens on Base), the Banana Gun smart contract appears to have a programming error, which omitted the 4% fee deduction for sellers, thereby causing BANANA tokens to undergo automatic inflation.
Meanwhile, UNIBOT's price saw a brief 20% spike upon news of its competitor's token launch failure, but subsequently retraced to previous levels.
15-minute chart of the UNIBOT/WETH pair on Uniswap, screenshot taken from DEXScreener on the morning of 12/09/2023
