Along with Twitter, Telegram plays an important role in the crypto sector. It is not a simple messaging app but also features bots, which help users make investment decisions. Popular Telegram bots are able to track on-chain, track prices and volume of tokens, and provide you with the most recent news that is trending globally. As Telegram bots are fun and convenient and can get a lot of things done, they have become a new trend in the crypto market.
As of July 24, Telegram bots hit the milestone of $155 million in market cap, doubling in less than two weeks, according to data from CoinGecko. Telegram bots’s trading volume reached more than $33.2 million in the last 24 hours.
Unibot is one of the most outstanding Telegram bot, which enables automated trading on Uniswap with features such as snipping, which allows for instant token purchases after listing, and revenue sharing, making trading easier. UNIBOT token has increased 25 times in the past two months, its market cap reached $75 million, contributing to 87% of the total market cap of this sector. Other bots like LootBot (LOOT), BoltBot (BOLT), Bridge Bot (BRIDGE), etc. have also spiked in the last 24 hours.
Although they are appreciated for their ability to swap and exchange tokens instantly, users should be aware of the potential risk. Because we need to transfer tokens to a third-party wallet or share the private key to link an existing wallet, this is a vulnerability that can lead to attacks or rug pulls.
Data from the Dune dashboard of anonymous data analyst whale_hunter shows that the total trade volumes handled by Telegram bots since May has reached $77 million, of which Unibot alone accounted for $57.2 million.