On Sep.14, the team behind Banana Gun, a Telegram bot, relaunched its token on Uniswap, a decentralized exchange (DEX).
On X, the team also said the BANANA relaunch will be accompanied by an airdrop to compensate holders after a glitch forced prices to dump 99%.
The relaunched on Uniswap will see prices open at $6.2 with a market cap of $14.8 million and $2.1 million in liquidity locked on Uniswap v2 for two years.
2.22 million out of the new 2.39 million circulating supply is earmarked for holders. The team will hold 1.1% of the supply in reserve to settle any outstanding airdrops.
Of course, we won’t keep these tokens so if these tokens don’t need to be sent out for correctional airdrops we will burn this supply (effectively reducing our FDV).
Banana Gun Team on X
The relaunch on Sep. 14 at 20:00 pm UTC is a culmination of redemption efforts by Banana Gun’s team following smart contract issues in the earlier version.
Despite two audits, the team was forced to liquidate its treasury wallet and drain BANANA’s liquidity pool, causing the price to crash.
A bug in the smart contract allowed BANANA holders to sell without paying taxes. A user on X discovered the bug, which raised doubts about the team’s diligence with some claiming the team planned to scam users.
Banana Gun, a Telegram bot, simplifies the purchase of Ethereum tokens via the messaging app.