According to Cointelegraph, the price of the newly launched Telegram bot Banana Gun’s native token BANANA fell from a price of $8.70 to $0.02 in less than 3 hours after it launched.
Sources revealed that some crypto users had accused it of a “rug pull.” However, the official X account for Banana Gun tweeted that instead a bug in the token’s contract that the team was unable to hotfix. However, it also mentioned that the bug managed to get through “despite two audits,” Cointelegraph added.
It is believed that the Banana Gun team had highlighted the “way forward” for users caught up in the crossfire. They are also believed to have stated that the first step is to sell the treasury wallet to drain the liquidity pool and use it for a new contract.
Furthermore, the team claimed that it would soon relaunch the token and investors might be able to make a new contract audited, Cointelegraph concluded.
(With insights from Cointelegraph)
