In a move that sent shockwaves through the crypto market, Binance, the leading cryptocurrency exchange, listed Banana Gun (BANANA) as the first project on its HODLer Airdrops Portal. This announcement triggered a surge in BANANA’s price, skyrocketing by over 26% within the last 12 hours.
Airdrop Rewards Loyal BNB Holders
The airdrop targets Binance Coin (BNB) holders who subscribed to the exchange’s Simple Earn products between June 23rd and July 5th. These users will be rewarded with BANANA tokens, the ecosystem token of the popular Telegram-based trading assistant Banana Gun bot.
For those curious about the specifics, a dedicated Binance HODLer Airdrops page is now live, offering a transparent breakdown of the distribution process.
Limited Supply, High Demand
With a capped maximum supply of 10 million tokens, BANANA boasts a current total supply of 8.9 million. Notably, only 2.42 million tokens are currently circulating, highlighting the token’s scarcity. The airdrop itself allocates a significant chunk (800,000) of BANANA tokens for distribution.
Binance Spot Listing and Potential Volatility
The excitement doesn’t stop there. Binance Spot will officially list the BANANA token on July 20th at 09:00 UTC, paired with major currencies like BTC, USDT, BNB, FDUSD, and TRY. Holders who received BANANA through the airdrop can expect their tokens deposited in their spot wallets an hour before trading commences.
However, Binance warns users about potential price volatility. Since BANANA is already in circulation, the airdrop will increase its overall supply, potentially leading to price fluctuations.
BANANA Price Soars
The market clearly responded positively to the news. BANANA’s price surged over 26%, jumping from $57.6 to $72.6 within the past 12 hours. Trading volume also witnessed a massive spike, exploding by 1,000% to a staggering $36.4 million at the time of writing.
Looking at the bigger picture, BANANA boasts impressive long-term growth, up by more than 500% in the last year. It currently sits just 11% below its all-time high of $78.33, achieved last month. Renowned crypto expert Ran Neuner has even highlighted BANANA’s potential for significant returns.
Binance HODLer Airdrops: Rewarding Loyalty
Launched in June, the Binance HODLer Airdrops Portal is a user-friendly platform within the exchange that distributes on-chain airdrops to eligible users. These airdrops originate from projects with sufficient circulating supply before their official Binance listing.
The program primarily rewards users who hold BNB, basing eligibility on historical snapshots of their BNB balances. Notably, subscribing BNB to the Simple Earn program automatically qualifies users for HODLer Airdrops, potentially granting them additional rewards from Binance Launchpool and Megadrop programs. Binance seamlessly transfers these airdrop rewards to users’ spot wallets before the token debuts on the exchange’s Spot market.
As Binance celebrates its seventh anniversary, the exchange continues to up the ante on user rewards during this ongoing crypto bull run. The recent announcement of a two-week competition offering substantial prizes for dog-themed memecoins further exemplifies this commitment.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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