Banana Price Drops 15% After Binance Listing

In the last 24 hours, Banana price has fallen 15.6% to $61.09, hitting a low of $60.77.

According to CoinGecko, the Banana price has been declining since trading on the centralized exchange (CEX) Binance began on Jul. 20.

Banana price in the last 24 hours. Source: CoinGecko

Banana Trading Volume on Binance Surpasses 50%

Despite Binance opening BANANA trading only one day ago, the crypto exchange already dominates the trading volume.

According to CoinGecko data, Binance accounts for 50.41% of the trading volume in a trading pair with the stablecoin USDT.

In second place is another centralized exchange, Gate.io, which handles 18.39% of BANANA volume.

Ranking of crypto exchanges by BANANA trading volume. Source: CoinGecko

Banana Price Has Grown by 38% in 14 Days

Price fluctuations like Banana are common for newly listed coins on exchanges.

Listing on prominent crypto exchanges like Binance often drives the price up.

On Jul. 18, it was announced that Banana would start trading on Binance. Following this news, the token’s price soared from $55.31 to $70.27 in one day.

The highest value observed during this period was on Jul. 20, when Banana’s price rose to $78.53.

It’s noteworthy that despite current fluctuations, Banana’s price has not returned to pre-listing levels.

Banana price history for 30 days. Source: CoinGecko

What Will Happen to Banana Price?

According to a CryptoAmsterdam trader, BANANA’s price may fall below the $55 level and touch $50. However, it is expected to recover and continue to rise.

$BANANA | USD

It’s one of my favorite launches this cycle.

-> Small pre-sale in 2023
-> Organic growth and adoption within the space
-> One of the most profitable protocols with revenue share
-> Binance listing

I still think it’s a great hold, assuming the cycle will… pic.twitter.com/QurRE0uFli

— CryptoAmsterdam (@damskotrades) July 20, 2024

Another crypto trader believes that Banana may follow a similar pattern to Pendle Price (PENDLE) after its listing on Binance.

$BANANA retesting previous resistance after listing ‘dump’.

Study $PENDLE after Binance listing. Expecting the same here. pic.twitter.com/HdZSdUmwYy

— doc (@jkrdoc) July 21, 2024

Banana’s Trading Volume Peak and Price Levels in June

On Jun. 10, we reported that Banana Gun’s trading volume reached $367 million, which was the highest at that time. During this period, Banana’s price was at the level of $45-48.

We currently have no updated figures for Banana Gun’s weekly trading volume. However, it is notable that there was a decline following the June peak, after which there was an increase by Jul. 15.

As of Jul. 5, Banana Gun’s trading volume reached $160.6 million.

Banana Gun trading volume. Source: Dune