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Telegram bot tokens witness a meteoric rise, nearing $100M market cap milestone

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TL;DR Breakdown

  • Telegram bot tokens are experiencing a significant surge in value, nearing a $100 million market cap.
  • Telegram’s user-friendly platform and innovative use cases have driven this growth, attracting traders and investors.  
  • However, as this trend continues, caution and research are advised for those interested in these tokens.

Description

The rise in the market cap of Telegram bot tokens, which are moving toward the elusive $100 million threshold, has made headlines in the crypto industry. Telegram’s influence on crypto is more important than ever as crypto traders swarm to take advantage of this emerging trend. What are Telegram bot tokens? These are automated programs … Read more

The rise in the market cap of Telegram bot tokens, which are moving toward the elusive $100 million threshold, has made headlines in the crypto industry. Telegram’s influence on crypto is more important than ever as crypto traders swarm to take advantage of this emerging trend.

What are Telegram bot tokens? These are automated programs that enable users to implement on-chain trading or farming strategies through the messaging application by linking wallets to the bots or creating new Ethereum wallets within them. Their focus is on decentralized application (dApps).

Telegram Bot tokens surge

Telegram has become an essential hub for many crypto communities and blockchain initiatives. The platform’s accessibility, safety measures, and extensive use have made it a favorite among programmers and enthusiasts. 

By adding bot support, Telegram has become even more indispensable as a central location for trading, disseminating knowledge, and cultivating communities surrounding cryptos.

According to data published by CoinGecko, the market capitalization of tokens for use in the Telegram bot ecosystem has risen to over $90 million, tripling in less than two weeks.

Decentralized applications can be built using Telegram bots, which are automated programs that let users use the messaging service to carry out on-chain trading or farming operations by connecting their wallets to them or building new Ethereum wallets inside them.

Unibot is by far and away the most well-liked specialized Telegram bot. With Unibot, automated trading on the Uniswap DEX is possible, with benefits like snipping (which permits rapid token purchases after listing) and income sharing.

According to data compiled by CoinGecko, the platform’s native currency, UNIBOT, has seen a price increase of over 400% in the last 30 days. It accounts for almost 87% of the entire market capitalization of all tokens used in Telegram bots.

Unibot (UNIBOT) began in May and has quickly developed a cult following, making it the clear frontrunner. The price of UNIBOT tokens has increased by over 54% in the past week, and the team has seen a consistent uptick in user growth, according to data provided by Dune Analytics.

In contrast to a decentralized exchange like Uniswap, where users must frequently log in to their wallet, cross-check if all token information is valid, and incur large fees to guarantee their trades go through, such solutions likely appeal to customers because of their simplicity of use.

CoinGecko’s co-founder and chief operating officer, Bobby Ong, stated that the proliferation of new Telegram bots that include wallets as standard features makes “degen trades and airdrop farming easier.”

However, there is a degree of risk involved in using these programs. Users must transfer tokens to a third-party wallet or reveal their private keys to link existing wallets, exposing their funds to exploits or swindles.

Data from the Dune dashboard of anonymous data analyst whale_hunter shows that the total trade volumes handled by Telegram bots since May 2023 have amounted to an astonishing $77 million, with Unibot alone responsible for $57.2 million.

Telegram bot tokens witness a meteoric rise, nearing 0M market cap milestoneTelegram bot tokens witness a meteoric rise, nearing 0M market cap milestone

 Source: DEX trading volume through Telegram bots Dune.com

Users’ preference for Unibot, Banana Gun, and Ready Swap, three of the most popular trading bots, contributed to a $5.7 million peak trading volume on July 19.

Popular Crypto Twitter trader @blknoiz06 says, “The main problem with trading on-chain is terrible UX; Unibot allows you to easily market buy/sell with 1 telegram command.” Another trader, @0xKawz, notes that “trading directly through Telegram is great for fast swaps, scalps, etc.”

Implications in the crypto market

The popularity of Telegram’s bot tokens has drawn further attention to the possibility of other messaging services serving as crypto trading and exchange centers. Competing platforms can investigate similar integrations to take advantage of this development.

As the value of these tokens increases, regulators could begin paying more attention to how they are used. Due to heightened scrutiny, Telegram’s bot token market could soon be subject to new rules.

Though the uptick indicates expanding demand, it does subject the tokens to higher levels of market volatility. Investors and traders in these assets should proceed cautiously and do the necessary research. 

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

文章来源于互联网:Telegram bot tokens witness a meteoric rise, nearing $100M market cap milestone

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

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