Banana Gun goes parabolic as futures open interest hits all-time high

Popular crypto trading bot Banana Gun has reached its highest point in almost two months as volume in its ecosystem surges.

Open interest rise in futures transactions

Banana Gun (BANANA) token rose for two consecutive days, reaching an intraday high of $55, up 68% from its September low.

This rally took place in a high-volume environment, with most of the action taking place on Binance, the largest exchange in the industry. Its 24-hour volume increased 87% to $56 million.

Further data shows that Banana Gun’s open interest in the futures market continues to increase, reaching a record high of $30 million. This was a large increase since futures open interest fell to $13 million in September.

This rise is likely due to the platform seeing strong volume. In an X post published on Monday, developers noted that the network had over $137 million in volume last week. It recorded an impressive volume of $23 million on Sunday, indicating that its ecosystem is booming.

Banana Gun had a great week, reaching total volume of $137 million, largely driven by Ethereum ($106 million).

The market is historically a low volume day (as is the entire weekend), but an impressive $23 million in volume was traded through Banana Gun yesterday.

It started strong today with $7 million.… pic.twitter.com/qAQ6XgYUjM

— Banana Gun 🍌🔫 (@BananaGunBot) October 7, 2024

Banana Gun has become one of the largest Telegram bots in the crypto industry, with over $6.7 billion in volume, according to its website. Most of this trading occurs in the Ethereum (ETH) ecosystem, followed by Solana (SOL), Blast and Base.

Dune’s data shows Banana Gun has more than 294,000 lifetime users with 11 million transactions. Another data from DappRadar shows that the number of unique active wallets increased by 22% in the last 30 days, while volume increased by 72% to $584 million.

Banana Gun price is rising on Banana Gun chart according to TradingView

The 4-hour chart shows that the Banana Gun token has been in a strong bull run for the past few days. It reversed past key resistance at $52.15 on Friday, reaching its highest point on October 8.

The token also remained above the 50- and 25-period moving averages. Additionally, oscillators such as the Money Flow Index and MACD are also pointing up.

Therefore, the token will likely continue to rise as the bulls target a new all-time high of $63.45, which is around 12% above the current level.