The launch of BANANA, the native token associated with the Telegram bot Banana Gun, turned into a debacle as its price plummeted from a peak of $8.70 to $0.02 in just under 3 hours post-launch.
Accusations of foul play quickly emerged from the cryptocurrency community, with claims of a "rug pull." However, the official X account of Banana Gun attributed the failure to a bug within the token contract, one that their team couldn't resolve. They stated that this bug had passed through two rounds of reviews without detection. An anonymous coder, MisterChoc, asserted that they discovered this flaw within seconds using OpenAI's ChatGPT, adding to the embarrassment faced by Banana Gun's team and their supposed auditors.
To address the situation, Banana Gun's team proposed a "path forward." This plan includes selling treasury wallets to deplete liquidity pools associated with the new contracts. Additionally, they plan to relaunch the token via an airdrop, aiming to compensate unlucky BANANA investors while the new contract undergoes a thorough review. Despite ChatGPT's speed in identifying flaws, experts continue to caution against relying solely on artificial intelligence for code writing and auditing, as it may produce more bugs than it detects, especially in critical projects.
Banana Gun represents one of the latest entrants into the Telegram bot trading arena, following the success of Unibot. Telegram bot trading has gained significant popularity among traders looking to quickly access new coins and airdrops. Unibot, a decentralized exchange (DEX) trading bot, notably reached a daily trading volume record of $16.7 million on August 29, as reported by data from Dune Analytics.
