A crypto trader has managed to secure a profit of $6.77 million in just three hours after the launch of the SatoshiVM token.

According to an X post published by blockchain trading firm Lookonchain, the trader used the “Banana Gun” sniping tool to purchase SatoshiVM before it launched. The trader then sold the token as the price increased, taking home nearly $7 million in profits.

The trader initially paid a bribe fee of 141.66 ETH to be the first one to buy SatoshiVM at the opening, and used Banana Gun to acquire 2.61 million SAVM by investing 277.66 Ether, equivalent to $681,000.

Subsequently, the user proceeded to sell 2.16 million tokens for $4.38 million. As of now, they retain ownership of 450,000 SAVM tokens, valued at an estimated $3 million. This translates to an overall profit of approximately $6.77 million.

The trader received accolades from numerous individuals on X for the substantial wealth generated using the Banana Gun tool.

“He just 1/5 the market cap of banana in a singular trade using the product. Higher we go,” said user @NickyJbased.

However, he also faced criticism from others, some who claimed he was either a SatoshiVM developer and others who criticized the amount he spent on bribe fees.

“the future of finance. bribe your way to the front of the line for generational wealth. doesn’t sound too different from the present of finance tbh,” said user @DaJuice2121.

What is Banana Gun?

Banana Gun, introduced in July 2023, provides users with the capability to swiftly snipe presale tokens and engage in rapid crypto trading. Traders can opt for either “Manual Trade” with a 0.5% fee or “Automatic Sniper” with a fee of 0.75%.

Since its launch, the trading bot has been surrounded by controversy, marked by various instances of funds mysteriously disappearing after sniping activities.

In September 2023, the Banana Gun team introduced its BANANA token. Despite experiencing a rapid surge to approximately $8.7 within hours of its launch, the euphoria was short-lived. The token’s value plummeted by 99% in just a few hours, nearly rendering it worthless.

The Banana Gun team acknowledged on X that a substantial glitch in their smart contract system went unnoticed despite undergoing two audits before the launch. This oversight inadvertently permitted users to sell their assets while retaining tax tokens in their wallets.

The post Trader Uses Banana Gun Sniping Bot To Make $7M Off SatoshiVM Token Launch appeared first on Cryptonews.