Telegram trading bot Banana Gun has seen daily trading volumes of upwards of $16 million.

The bots — automated trading agents running a preset strategy — are generally designed by developers so that users can easily trade meme coins, farm airdrops and bridge tokens. 

They are meant to simplify the trading process for users by allowing them to interact with a more simplified protocol or interface, but with the tradeoff of added custody risk.

According to data compiled on Dune Analytics, Banana Gun has a seven-day average trading volume of $9 million, rivaling a handful of popular decentralized exchanges. 

The trading bot is seeing an estimated 19,000 trades a day amongst 3,000…

Read more on Blockworks