This is so artistic
The Meme market over the weekend is not lonely. In the past two days, the topic that on-chain players have been highly focused on may not be various AI Memes, but rather a piece of art being re-auctioned by Sotheby's—a tape banana.
On Friday night, a Meme $Ban based on the banana art piece auctioned by Sotheby's broke through the crowd of AI themes, reaching a market value of nearly 20 million dollars within 24 hours of its launch.
Is this a spur-of-the-moment idea from a conspiracy group or a new speculative target chosen by the market? We have compiled some information to help you quickly understand the journey of this magical banana's price surge.
Abstract Art Re-emerges
In 2019, the Italian artist Maurizio Cattelan created a series of works featuring a banana taped to a wall, which was auctioned at Sotheby's. At that time, this banana, named "Comedian," was sold for 120,000 dollars, sparking heated discussions on social media.
Initially, this abstract artistic act undoubtedly drew ridicule from society, with comments like "fools with money" and "respect and blessings" being the main tone. Later, it evolved into a trend where people enjoyed using this banana as a meme in contemporary art, as replicating this artwork required little cost—a piece of tape and a banana could recreate the joy of a 120,000 dollar artwork. Even the doge lord Elon Musk was playing with this banana meme at the time:
Recently, Sotheby's announced the re-auction of one of the three "versions" of this work, with an estimated auction price between 1 million and 1.5 million dollars (it seems the art market is also experiencing inflation).
The Auction is Abstract, and Memes Follow Suit
Is Sotheby's Vice President in Charge?
So how did this banana infect the Meme market? According to my initial impression, around 11 PM on Friday, an on-chain hunter pointed out that GMGN.AI showed that one of the major holders of the banana concept coin $Ban on the Solana chain is Sotheby's Vice President Michael Bouhanna (@michaelbouhanna), holding 3.78% of the total supply.
Earlier that day, this vice president personally tweeted to promote the banana, stating, "For me, this is the most important work of the 21st century." Coupled with the fact that he had previously released his wallet address, it seemed to further validate the "Sotheby's Vice President personally overseeing the Meme" narrative.
At that time, the market value of $Ban was around 100,000 dollars. Once the news broke, $Ban immediately surged, reaching a peak market value of around 7 million dollars within an hour, with a maximum increase of nearly 70 times.
Vice President's Series of Moves, Price Takes a Roller Coaster Ride
The explosive 70-fold increase in price brought joy to the on-chain community, but the subsequent series of moves by the vice president caused the price to fluctuate wildly, leaving many early investors with very few tokens.
Price Drop Due to Tweet Deletion at Peak
A Twitter user, in an effort to further validate the story's reliability, asked Michael Bouhanna on Twitter whether the relevant address was indeed his. Perhaps feeling a bit guilty or not wanting to cause unnecessary impact, Michael Bouhanna deleted the tweet revealing his wallet address during the peak of the hype.
$Ban then began a downward spiral, with its market value plummeting from 7 million dollars to around 400,000 dollars. Few knew about it when it was rising, but when it started to fall, the screen was filled with $Ban banana jokes.
Attending Binance Conference, Official Twitter Changes Avatar, Price Recovers?
After a series of ups and downs, the market's enthusiasm for the banana speculation gradually cooled. The price performance was mediocre overnight, but it did not directly head towards zero.
By day, the price even rose back to previous highs, but without any positive stimuli, it gradually fell back. Around 8 PM, Vice President Michael Bouhanna announced on Twitter that he would attend the Binance conference as a senior member of Sotheby's. At the same time, it was noticed that Sotheby's official account had changed its avatar to an image featuring the tape banana.
Stimulated by this series of actions, the price of $Ban revived on Saturday night. Perhaps the market makers had accumulated enough tokens through this manipulation, or the market's confidence in the tape banana was reignited, leading to a renewed price surge for $Ban, which continuously broke previous highs.
As of the time of writing, the highest market value of $Ban has reached 25 million dollars.
The Phenomenon of the Magical Price Surge, A Grand View of the Banana Concept
Whether it is the market's excitement or the careful manipulation by market makers, a market value of 25 million dollars indicates that the banana concept has been initially recognized by the market. Besides the leading token, there are also many imitators. What angles are currently being speculated in the banana concept? Deep Tide has compiled a small overview based on market capitalization rankings.
Note: The prices of Meme tokens are highly volatile and carry significant risks. Investors should fully assess risks and participate cautiously. This article is merely a sharing of information based on market trends, and the author and platform do not guarantee the completeness or accuracy of the content. This article does not constitute any investment advice.
- ### Comedian ($Ban) - The Main Character of This Article, Concept Leader
Contract Address: 9PR7nCP9DpcUotnDPVLUBUZKu5WAYkwrCUx9wDnSpump
24H Trading Volume: 33 million dollars
Current Market Value: 21.6 million dollars
Highest Market Value: 25 million dollars
The main character of the concept, the banana Comedian, with the token name $Ban.
- ### Comedian ($Pan) - "Tape + Pepe" Concept, Focused on a Stitch-Up
Contract Address: 9JLsnxCqZju5ymLhMkTW6acnUxgrARqz5NAR7Acdpump
24H Trading Volume: 2.5 million dollars
Current Market Value: 400,000 dollars
Highest Market Value: 880,000 dollars
Once a target becomes popular, the stitch-up tokens, though late, will eventually arrive. On Saturday night, when $Ban surged, a token using the Pepe + tape concept to ride the wave also pumped significantly, with a rather peculiar angle, and the price performance seemed to have a strong conspiracy flavor.
As of the time of writing, the price has seen a significant drop.
- ### ANANAB ($ANANAB) - Role Swap, Wrapped in Tape
Contract Address: HaqNyHMwCP1YGCYgjY7kJNVd6gv4mz1Y75A4xKVUpump
24H Trading Volume: 880,000 dollars
Current Market Value: 110,000 dollars
Highest Market Value: 200,000 dollars
In contrast to the banana concept on the wall, the image shows a person wrapped in tape on the wall, with the observer being the banana. The image likely originated from the initial hype of the tape banana in 2019, used to satirize those who speculate on bananas.
- ### Banana D ($Comedian) - The "Real Name" Concept of the Banana
Contract Address: BpqXJMguKsS8azKaVy4tZ4Ysm2e2f2zygZKHx8VKGKBA
24H Trading Volume: 1 million dollars
Current Market Value: 90,000 dollars
Highest Market Value: 250,000 dollars
In contrast to the leading token $Ban, this token uses the banana's real name Comedian as its token symbol. The angle seems correct, but based on price performance, it appears that players are not very interested.
- ### Sotheby' ($Sothebys) - The Concept of Sotheby's Changing Avatar
Contract Address: 83UCt6BueiwNE5NKtXyJ5SmRDWFWSzibLaxmV3xapump
24H Trading Volume: 380,000 dollars
Current Market Value: 16,400 dollars
Highest Market Value: 110,000 dollars
The concept is simple and easy to understand, but the angle is somewhat off, and the price performance is average. Moreover, GMGN.AI shows a 100% probability of a rug pull, suggesting it is a flow token created by the developer to ride the hype, only for observation, not recommended for participation.
Conclusion
After a day of price surges, wash trading, and further surges, the market value of $Ban has far exceeded the auction estimate of the artwork itself. This "banana craze" has already shown a certain trend, with various angles keeping up in a timely manner. As for whether the subsequent hype will spread to Sotheby's/art concepts or the banana itself or even the president himself, we will wait and see.
However, the violent wash trading of $Ban in the early stages also indicates that in the face of an increasingly "smart" market, hitting the golden dog, holding the golden dog, and successfully profiting from selling the golden dog have become completely independent tasks. Each step of the game and execution requires immense energy, and high-profit addresses often achieve success due to "sufficient price increase" rather than "heavy positions." The same old advice applies: manage your position and emotions well, avoid FOMO, and your opportunities will always be there.
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