A cryptocurrency trader achieved a staggering profit of $6.77 million in just three hours following the launch of the SatoshiVM (SAVM) token. Utilizing the Banana Gun sniper tool, the trader was able to purchase the token before its official release and subsequently sold it as its price surged, netting nearly $7 million in profit.
The trader initially acquired 2.61 million SAVM tokens for 277.66 Ethereum, equivalent to $681,000, using the Banana Gun trading bot. Introduced in July 2023, Banana Gun is a tool that enables users to swiftly acquire pre-sale tokens and trade cryptocurrencies. It offers two modes: "manual trading" with a 0.5% fee and "automatic sniping" with a 0.75% fee.
Following the token's launch, its value plummeted by 99% within three hours. The developers attributed this dramatic drop to bugs encountered during the v1 release. The Banana Gun team faced financial losses and decided to sell treasury funds to recover locked liquidity, ensuring all participants in v1 were compensated before rolling out v2. Although Banana Gun has been controversial since its inception, with reports of funds vanishing post-sniping, a spokesperson from Banana Gun told that these issues were not due to their tool. Instead, some token contracts include features enabling contract deployers to withdraw funds from wallets, and in this case, the tokens were never transferred to the buyer’s wallet due to a malicious contract.
The trader executed a sniper strategy, paying 141.66 ETH at launch to be the first purchaser of SAVM, successfully acquiring over 2.5 million tokens. Later, the user sold 2.16 million tokens for $4.38 million and still holds 450,000 SAVM tokens, valued at about $3 million. This sale resulted in an approximate profit of $6.77 million.
The trader's success story has garnered much attention on X (formerly Twitter), with many users hailing the significant profit as a life-changing event. Some have labeled the trader a legend, while others have commended the bold move of investing 141 ETH for the sniper purchase.
