The Meme Market Over the Weekend Is Also Bustling: A Magical Banana's Price Surge Journey

The Meme market over the weekend is also bustling. In the past two days, the topic that on-chain players have been deeply engaged with may not be various

Amidst the bustling Meme market over the weekend, a topic that on-chain players have been deeply engaged with is not the various AI Memes, but rather a piece of art being re-auctioned by Sotheby's—the tape banana.

On Friday night, a Meme called $Ban, centered around the banana art piece auctioned by Sotheby's, broke through the crowd of AI themes, reaching a market cap 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 hype 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: Sotheby's Tape Banana Re-auction

In 2019, the Italian artist Cattelan's tape banana series was auctioned at Sotheby's, where the banana named "Comedian" 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 have money" and "respect and blessings" prevailing. Eventually, it evolved into a trend where everyone enjoyed playing with this banana as a form of trendy art, as replicating this artwork required no cost—just a piece of tape and a banana could recreate the joy of a 120,000-dollar piece. Even the doge 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 dollars (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 spread to 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 Solana chain banana concept coin $Ban was Sotheby's Vice President Michael Bouhanna (@michaelbouhanna), holding 3.78% of the total supply.

Earlier that day, this vice president personally tweeted to promote this 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 rationale behind "Sotheby's Vice President personally overseeing the Meme."

At that time, the market cap of $Ban was around 100,000 dollars. Once the news broke, $Ban surged, reaching a peak market cap of about 7 million dollars within an hour, with a maximum increase of nearly 70 times.

Vice President's Chaotic Operations, Coin Price Takes a Rollercoaster Ride

The one-hour 70-fold surge of the wild banana brought joy to the on-chain community, but the subsequent series of chaotic operations by the vice president caused the coin price to fluctuate wildly, leaving many early investors with little left in their hands.

Price Peak Tweet Deletion Leads to Panic Selling

Some Twitter users, to further verify the story's credibility, asked Michael Bouhanna whether the related 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 immediately began to plummet, with its market cap dropping 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, Coin Price Recovers?

After a series of ups and downs, the market's enthusiasm for the banana hype gradually cooled. The next night, the coin price performed flatly but did not directly head towards zero.

By day, the coin price even rose back to its previous high, only to gradually decline without any positive stimulus. Around 8 PM, Vice President Michael Bouhanna announced on Twitter that he would attend the Binance conference as a Sotheby's executive. Meanwhile, 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 absorbed enough chips through this pull and wash, or the market's confidence in the tape banana reignited, leading to a renewed price surge for $Ban, continuously breaking previous highs.

As of the time of writing, the highest market cap of $Ban has reached 25 million dollars.

The Magic Board Has Emerged, A Grand Showcase of Banana Concepts

Whether it's the market's excitement or the careful manipulation

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