The trader used a popular sniping trading bot called Banana Gun to be the first to buy the newly launched SatoshiVM tokens.
A crypto trader made $6.77 million in profit within three hours of the launch of the SatoshiVM token. The trader used a banana gun sniping tool to acquire the to-be-launched token first and then sold the newly launched token as the price increased, raking in nearly $7 million in profits.
The trader first bought 2.61 million SAVM with a total cost of 277.66 Ether (ETH) worth $681,000 using the banana gun trading bot. Banana Gun allows users to snipe presale tokens and trade crypto quickly. A trader can choose between “Manual Trade” and “Automatic Sniper,” where the fee for manual trades is 0.5%, while the automatic sniper feature charges a fee of 0.75%.
The Banana Gun trading bot was launched in September last year; however, the token’s price tanked 99% within three hours of the launch. The developers blamed a bug for the collapse. The trading bot has remained controversial ever since it launched, with several cases of mysterious vanishing of funds post-sniping.
