A crypto investor utilized a trade bot named Banana Gun to purchase 2.61 million SatoshiVM (SAVM) tokens with 277.66 Ethereum, valued at $681,000, before the token’s market launch. The trade bot, released in July 2023, allows users to execute crypto trades quickly before token sales.
Investors have the option to choose between “Manual Trade” with a 0.5% fee and “Automatic Trade” with a 0.75% commission. Following the launch, the token’s price plummeted by 99% within three hours. Developers addressed a fault during the v1 launch and decided to use funds to recover locked assets.
The trade bot has been a subject of discussion in crypto communities, with several incidents of disappearing funds after transactions. A Banana Gun spokesperson claimed it’s not a Banana Gun issue, though some token contracts have functions allowing contract deployers to withdraw funds from wallets, leading to tokens sometimes not reaching buyers’ wallets due to malicious contracts.
The investor used a sniping method to be the first to buy SAVM at launch, paying 141.66 ETH and acquiring over 2.5 million tokens. They later sold 2.16 million tokens for $4.38 million and currently hold 450,000 SAVM tokens, estimated to be worth $3 million, totaling approximately $6.77 million in profit.
The investor’s use of Banana Gun to achieve these gains has been met with both admiration and criticism, with some hailing them as a legend and others appreciating their commitment to paying a sniping fee of 141 Ethereum.