This is so artistic.
Written by: Deep Tide
The Meme market over the weekend is not lonely. The topic that on-chain players have been highly focused on these past two days may not be various AI Memes, but rather a piece of art re-auctioned by Sotheby's—a tape banana.
On Friday night, a Meme called $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 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 Makes a Comeback
In 2019, the Italian artist Maurizio Cattelan created the tape + banana series, which was auctioned at Sotheby's. At that time, the banana, named "Comedian," was sold for $120,000, sparking heated discussions on social media.
Initially, this abstract artistic act undoubtedly drew ridicule from society, with comments like "fools have money" and "respect and blessings" being the main tone. Later, it evolved into a trend where everyone enjoyed using this banana as a meme in contemporary art, as replicating this artwork required little cost—a tape + a banana could replicate the joy of a $120,000 piece. 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 artwork, with an estimated auction price between $1 million and $1.5 million (it seems the art market is also experiencing inflation).
The Auction is Abstract, and Memes Follow Suit
Sotheby's Vice President at the Helm?
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 his previous release of his wallet address, it seemed to further validate the "Sotheby's Vice President personally overseeing the Meme" narrative.
At that time, the market cap of $Ban was around $100,000. Once the news broke, $Ban immediately surged, reaching a peak market cap of nearly $7 million within an hour, with a maximum increase of nearly 70 times.
Vice President's Wild Moves Cause Price Rollercoaster
The explosive 70-fold increase in one hour brought joy to the on-chain community, but the subsequent series of wild 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
Some Twitter users, 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 cap plummeting from $7 million to around $400,000. 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 Account 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 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 Sotheby's executive. At the same time, it was noticed that Sotheby's official account changed its avatar to an image featuring the tape banana element.
Stimulated by this series of actions, the price of $Ban revived on Saturday night. Perhaps the market makers had accumulated enough tokens through this rise and wash, or the market's confidence in the tape banana reignited, further solidifying consensus. This time, the price of $Ban surged again, continuously breaking previous highs.
As of the time of writing, the highest market cap of $Ban has reached $25 million.
The Phenomenon of the Magic Chart, A Grand View of Banana Concepts
Whether it is the market's excitement or the careful manipulation by market makers, a market cap of $25 million indicates that the banana concept has been preliminarily recognized by the market. Besides the leading token, there are also many imitators. What angles are currently being speculated in the banana concept? Deep Tide has compiled a brief overview ranked by market cap.
Note: The price of Meme tokens is highly volatile and carries significant risks. Investors should fully assess risks and participate cautiously. This article is merely a sharing of information based on market trends; the author and platform do not guarantee the completeness or accuracy of the content, and this article does not constitute any investment advice.
Comedian ($Ban) - The Main Character of This Article, Concept Leader
Contract Address: 9PR7nCP9DpcUotnDPVLUBUZKu5WAYkwrCUx9wDnSpump
24H Trading Volume: $33 million
Current Market Cap: $21.6 million
Highest Market Cap: $25 million
The main character of the concept, the banana Comedian, token name $Ban.
Comedian ($Pan) - "Tape + Pepe" Concept, Focused on a Stitch
Contract Address: 9JLsnxCqZju5ymLhMkTW6acnUxgrARqz5NAR7Acdpump
24H Trading Volume: $2.5 million
Current Market Cap: $400,000
Highest Market Cap: $880,000
Once a target becomes popular, the stitchers will eventually arrive. On Saturday night, when $Ban surged, a project using the Pepe + tape concept to ride the wave also directly pumped, with a very strange angle, and the price performance seemed to have a strong conspiracy flavor.
As of the time of writing, the price has seen a significant drop.
ANANAB ($ANANAB) - Role Reversal, Wrapped in Tape
Contract Address: HaqNyHMwCP1YGCYgjY7kJNVd6gv4mz1Y75A4xKVUpump
24H Trading Volume: $880,000
Current Market Cap: $110,000
Highest Market Cap: $200,000
In contrast to the banana concept on the wall, the image shows a person wrapped in tape on the wall, with the observer being the banana. The image likely originated from the initial hype of the tape banana in 2019, used to satirize those who speculate on bananas.
Banana D ($Comedian) - The "Real Name" Concept of Banana
Contract Address: BpqXJMguKsS8azKaVy4tZ4Ysm2e2f2zygZKHx8VKGKBA
24H Trading Volume: $1 million
Current Market Cap: $90,000
Highest Market Cap: $250,000
In contrast to the leading token $Ban, this token uses the banana's real name Comedian as its token symbol. The angle seems correct, but from the price performance, it appears that players are not very interested.
Sotheby' ($Sothebys) - Sotheby's Avatar Change Concept
Contract Address: 83UCt6BueiwNE5NKtXyJ5SmRDWFWSzibLaxmV3xapump
24H Trading Volume: $380,000
Current Market Cap: $16,400
Highest Market Cap: $110,000
The concept is simple and easy to understand, but the angle is somewhat off, and the price performance is average. GMGN.AI shows a 100% probability of exit scams, suggesting it is a hot-potato project by the developers, only for observation, not recommended for participation.
Conclusion
After a day of price surges, washes, and further surges, the market cap of $Ban has far exceeded the auction estimate of the artwork itself. This "banana craze" has already shown a certain trend, with various angles quickly following suit. 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 washout 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 are now completely independent matters. Each step of the game and execution requires immense energy, and high-profit addresses often gain because of "high increases" rather than "heavy positions." The same old advice applies: manage your positions and emotions well, avoid FOMO, and your opportunities will always be there.
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