Trading Bot Sees Surge in Daily Trading Volume
Recently compiled data on Dune Analytics has revealed that Banana Gun, a Telegram DEX trading bot, has been experiencing a volume of daily trading of more than $16 Million, as part of the larger trend in bot usage which now exceeds $4 Billion in total.
Banana Gun’s Active Users and Lifetime Trading Volume
According to the Dune Analytics dashboard, the trading bot sees around 19,000 daily trades from its 3,000 active users and has accumulated 46,046 lifetime users since its launch in June. The platform has likewise achieved a lifetime volume of trading of $589 Million, reflecting its growing popularity between users.
Banana Gun is one type of trading bot that developers create for users to easily trade Meme Coin coins, farm airdrops, and bridge tokens.
Security Concerns Surrounding Trading Bots
Regardless of the growing interest in trading bots, there are increasing concerns about user safety. A recent report revealed that the crypto-focused Telegram Bot project Maestro was hacked, resulting in a loss of 280 Ethereum (ETH) and the return of 610 Ethereum (ETH) to its users. This incident is one of numerous related scams that have arisen in the trading bot space.
Hot Take: Rise in Trading Bot Usage Signals Need for Enhanced Security Measures
As trading bot usage continues to grow, it is essential to prioritize user security and implement robust measures to safeguard against probable scams and hacks. The increasing popularity of trading bots underscores the need for enhanced security protocols to protect users and their assets in the cryptocurrency space.
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