Telegram Bot Tokens Surpass $90 Million Market Cap

This morning, Telegram bot tokens have made a significant leap, reaching a remarkable market cap of over $90 million, according to CoinGecko data. The surge doubled the sector’s valuation in less than a fortnight, marking a notable milestone in the world of decentralized applications.

Telegram bots for decentralized applications serve as automated programs that allow users to implement on-chain trading or farming strategies, all within the messaging app. Users can link wallets to the bots or even create new Ethereum wallets within them, unlocking various possibilities for seamless trading.

Unibot emerges as the standout Telegram bot in this niche, enabling automated trading on the Uniswap decentralized exchange (DEX). With features like snipping, facilitating instant token purchases after listing, and revenue sharing, Unibot simplifies the trading process and gains popularity among users.

Recent CoinGecko data reveals that the native token of the Unibot platform, UNIBOT, has soared by over 400% in the last 30 days, commanding a dominant share of over 87% of the total market cap of Telegram bot tokens.

Bobby Ong, the co-founder and COO of CoinGecko, highlighted the rise of new Telegram bots with built-in wallets entering the market. He acknowledges that these bots make “degen trades / airdrop farming easier.” However, users must be cautious as utilizing these bots comes with risks, including the need to transfer tokens to third-party wallets or share private keys to link existing wallets, potentially exposing funds to exploits or rug pulls.

Whale_hunter’s Dune dashboard data indicates that Telegram bots have impressively handled a cumulative trading volume of $77 million since May 2023, with Unibot alone accounting for $57.2 million of the total. The trading bots recorded a peak trading volume of $5.7 million on July 19, with popular choices like Unibot, Banana Gun, and Ready Swap leading the way.

Read Also: Telegram Bot API 6.7 Update: Enhanced Features and Customization Options

While these Telegram bots offer convenience and opportunity for “degen trades,” users should exercise caution and assess the potential risks involved. As the sector continues to evolve, users are advised to make informed decisions when engaging with such platforms.

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Elijah Theodore

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