In just a span of three hours after the debut of the SatoshiVM (SAVM) token, a cryptocurrency trader managed to amass a staggering $6.77 million in profits.
This astounding feat was achieved through the strategic use of a powerful tool known as the Banana Gun sniping tool, enabling the trader to seize the opportunity and capitalize on the token’s price surge.
To kickstart this remarkable venture, the trader employed the Banana Gun trading bot to secure 2.61 million SAVM tokens, valued at $681,000, by parting with 277.66 Ether.
The Banana Gun trading bot, introduced to the market in July 2023, offers users the ability to engage in rapid presale token sniping and crypto trading.
Users can opt for either the “Manual Trade” or “Automatic Sniper” mode, each accompanied by its own fee structure – with manual trades incurring a 0.5% fee and the automatic sniper mode carrying a slightly higher fee of 0.75%.
However, what followed was a significant twist in the story. Within the first three hours of its launch, the price of SAVM plummeted by a staggering 99%.
Developers attributed this sudden collapse to a bug during the v1 launch.
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In an effort to recover the locked liquidity, the team decided to sell treasury funds, ultimately ensuring that everyone involved in v1 was compensated for their losses, at the expense of the Banana Gun team.
The Banana Gun trading bot has garnered a fair share of controversy since its inception, characterized by instances of mysteriously disappearing funds after sniping attempts.
While the Banana Gun spokesperson has insisted that this issue isn’t tied to the tool itself, some token contracts do possess functions that allow the contract deployer to move funds out of wallets, leading to instances where tokens failed to reach the buyers’ wallets due to malicious contract activity.
The trader at the center of this remarkable story employed the sniping strategy by paying a premium of 141.66 ETH to secure the first batch of SAVM tokens upon launch, acquiring over 2.5 million tokens in the process.
Subsequently, the trader sold 2.16 million tokens for an impressive $4.38 million, and currently retains 450,000 SAVM tokens, estimated to be valued at $3 million, translating to a remarkable total profit of approximately $6.77 million.
This trader’s astounding success using the Banana Gun tool earned widespread acclaim on social media, particularly on X (formerly Twitter).
Many hailed the trader as a legend, while others praised their willingness to invest 141 ETH in sniping fees for a shot at life-changing wealth.
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