In a dramatic turn of events, a crypto trader earned a staggering $6.77 million profit within just three hours of the SatoshiVM (SAVM) token launch. This remarkable profit was achieved using a popular sniping trading bot named 'Banana Gun.'
The trader purchased 2.61 million SAVM tokens for 277.66 Ether (worth approximately $681,000) using the Banana Gun trading bot. This bot, launched in September 2023, enables users to snipe presale tokens and execute rapid crypto trades. It offers both "Manual Trade" and "Automatic Sniper" modes, with respective fees of 0.5% and 0.75%.
However, the launch was not without controversy. Shortly after the initial purchase, the token's price tanked by 99% within three hours, leading to speculation and criticism. The developers attributed the price collapse to a bug, but the dramatic price movement raised eyebrows across the crypto community.
Using the sniping method, the trader paid a substantial fee of 141.66 ETH to be the first to buy SAVM at launch. They managed to acquire over 2.5 million tokens. Later, 2.16 million of these tokens were sold for $4.38 million, and the trader still holds 450,000 SAVM tokens, valued at around $3 million, totaling an approximate profit of $6.77 million.
This incident has sparked a range of reactions within the crypto community. Some users on social media platforms, such as X (formerly Twitter), have hailed the trader as a legend for the profitable use of the Banana Gun tool. Others have raised concerns about the ethics and legality of using such bots for trading, especially in volatile market conditions.
The success of this trader using the Banana Gun trading bot has highlighted the growing trend of automated and sophisticated trading tools in the cryptocurrency market. It also underscores the need for greater transparency and regulation in crypto trading to prevent potential market manipulation and protect investors.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.