BANANA Token Hits Weekly High Post $8.68M Burn and 50x Leverage Futures Launch

Highlights

BANANA Token records a weekly high after a $8.68M burn of 200,000 tokens, reducing supply by 2%.
Binance to launch BANANA futures with 50x leverage on August 15, boosting trading volume by 129.79%.
BANANA's open interest rises 3.82% to $8.54M following burn and Binance futures announcement.

Banana Gun, the platform behind the BANANA token, has conducted a large token burn that removed 200,000 tokens from the market. This burn corresponds to 2% of the total supply worth around $8.68 million. The burn, the first in five months for the project, intends to reduce the supply and possibly increase the worth of the tokens.

BANANA Token Hits Weekly High Post $8.68M Burn

On August 14, the platform made a significant announcement regarding the destruction of 200,000 tokens. This action leads to a decrease in the total number of BANANA tokens, ‘burning’ which is often employed in the cryptocurrency market to increase scarcity of the token and, consequently, its value.

Following the burn, BANANA’s price surged to a weekly high within 24 hours, reflecting a positive response from the market.

"How was your day honey?"
– "Good, burnt $8.6M worth of $BANANA. 🍌🔥"

2% of total supply destroyed forever.https://t.co/uVVwWDanke pic.twitter.com/O4hZehHRWQ

— Banana Gun 🍌🔫 (@BananaGunBot) August 13, 2024

This burn is the first in several months which may suggest that the platform is trying to rekindle the interest in the token. Given this reduction in supply, the remaining tokens may experience higher demand, and hence, higher prices in case of favorable market conditions.

Listing on Binance Futures with 50x Leverage

Concurrently, Binance has revealed that clients may start trading the tokens’ futures with up to 50x leverage from August 15, 2024. This listing is expected to enhance the trading volume in the token since the futures contracts enable traders to engage in price prediction of the token.

High leverage may also encourage more investors to invest in the token, increasing trading volume and market attention.

Earlier in July, Binance revealed that it was launching the Banana Gun project on the newly established Airdrop portal where the token will also be listed. Consequently, the listing of the token futures is another sign of the token’s growing presence on the crypto exchange, which may help support long-term interest.

Increased Trading Volume and Open Interest

Following the burn announcement and upcoming futures listing, BANANA has seen a notable increase in trading volume. The trading volume surged by 129.79%, reaching $154.51 million, indicating heightened activity and interest in the token.

Additionally, open interest in the token’s derivatives increased by 3.82%, totalling $8.54 million. This rise in open interest suggests that new positions are being established, indicating expectations of future price volatility or movement.

Source: Coinglass

Meanwhile, with the bullish momentum in play, the token price swayed between an intra-day high and low of $48.91 and $41.21, respectively. At press time, the price was exchanging hands at $45.13, a 4% surge from the support level and 37% rally in the last week.

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Kelvin Munene Murithi

Kelvin Munene is a crypto and finance journalist with over 5 years of experience, offering in-depth market analysis and expert commentary . With a Bachelor's degree in Journalism and Actuarial Science from Mount Kenya University, Kelvin is known for his meticulous research and strong writing skills, particularly in cryptocurrency, blockchain, and financial markets. His work has been featured across top industry publications such as Coingape, Cryptobasic, MetaNews, Cryptotimes, Coinedition, TheCoinrepublic, Cryptotale, and Analytics Insight among others, where he consistently provides timely updates and insightful content. Kelvin’s focus lies in uncovering emerging trends in the crypto space, delivering factual and data-driven analyses that help readers make informed decisions. His expertise extends across market cycles, technological innovations, and regulatory shifts that shape the crypto landscape. Beyond his professional achievements, Kelvin has a passion for chess, traveling, and exploring new adventures.

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