Can “Apes” Pump Banano (BAN) Meme Coin?
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Banano (BAN) is an up and coming digital coin, which recently pulled a 10X stunt. The asset peaked near 2 cents, and is now precariously hovering around $0.01. BAN is an asset just getting noticed, though it has built up the community for years, while its market price was getting a boost.
BAN appeared first as a hard fork of NANO, and its mainnet will celebrate a three-year anniversary in April. The network includes chat features and multiple channels of coin distribution. So far, the Banano network does not have proper non-fungible token functionalities, though it has picture-based digital identities modeled after CryptoKitties.
BAN is known as a meme coin, and right now, a digital community is trying to meme it into spiking to higher prices. But for now, crypto shilling is not allowed on the notorious WallStreetBets Reddit. Banano enthusiasts are trying to get a foothold through all other social media channels.
BAN is not a project aiming for one-shot success, though sudden social media frenzy is not out of the question. But there is always a possibility of crypto enthusiasts “aping” into a coin for its upside potential, without caring about fundamentals and strictly based on memes and hype.
Get BAN for Free
The best thing about BAN is that it is freely distributed as an airdrop, so it is a no-risk dip in the crypto pool. BAN has periodic airdrops since 2020, often targeting the owners of similar digital assets. To receive the airdrops, the Natrium and Kalium wallets are a must. The Vite wallet is also announcing periodic BAN airdrops, the latest one active from March 9.
The other way to get BAN is through faucets, or gamified small-reward outlets. The other way is through in-browser mining. There are also regular airdrops through apps. In these ways, BAN is getting distributed similar to the NANO cryptocurrency, which also relied on faucets to reach wider distribution.
Banano mining also does not waste the GPU or CPU power pointed at the network. Instead, it uses distributed computing to solve scientific problems, while also producing rewards.
DAG Technology Reapplied
The similarities with NANO don’t end here. BAN, besides deriving part of its name from NANO, also uses the same technology. Instead of a blockchain, each wallet works as a node in a data structure known as a directed acyclic graph (DAG). This means transactions are verified through communication between different wallets, making it more decentralized than other assets.
However, DAG technology has faced problems when applied to crypto space. Coins like IOTA and NANO have been known to lose transactions, and may require a central coordinator to update everyone on the state of the network.
How to Trade BAN
BAN is currently available on a handful of exchanges, and builders may be creating special market venues for this asset. The easiest way is to use the Vite wallet app, while trading BAN on the VITEx exchange. The market BAN/ETH has a high confidence for the reliability of the exchange, though still very small liquidity.
New Exchanges Coming?
BAN is now working toward listings on some of the larger centralized exchanges, as its technology cannot make use of ETH-based decentralized trading. After breaking the $0.01 barrier, BAN once again tried to boost its popularity and reach out to exchange operators.
Mercatox is the other exchange where BAN has a slightly higher liquidity based on Coinmarketcap measures.
BAN market prices are unpredictable, and for now have followed the trajectory of Dogecoin (DOGE), by moving from double-zero prices to above a penny. There is no indicator how high BAN may go.
Can BAN Still Go Higher?
As of March 2021, more than 2.8B coins have been created, of which 1.2B are counted as actively circulating. BAN is not aiming for scarcity, and has no cap on how many coins will be created.
Lack of scarcity did not prevent DOGE from reaching valuations above $0.08. The coin, initially minted as a meme, managed to become one of the well-used digital assets, for online shopping as well as trades and moving funds between exchanges.
For BAN, despite the meme-based social media presence, the goal is to turn the network into a competitor and complement to NANO. Because of the high coin supply, BAN is also aiming to work for peer-to-peer payments as digital cash.
However, extreme predictions see BAN as high as $1. There is no limit to crypto growth, and some assets have achieved similar price spikes. BAN, for now, remains a speculative bet, though also an asset to use and watch. The coin itself aims for wider crypto adoption for a wider public, thus indirectly helping grow the crypto market.
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