New Trend: Telegram Bot Market Cap Hits $155 Million

The crypto community is flocking towards Telegram Bots, platforms that provide easy access to tokens akin to sending messages on the app itself.

New Trend: Telegram Bot Market Cap Hits $155 Million

Hand in hand with Twitter, Telegram is increasingly playing a crucial role in the crypto space. Beyond a simple messaging app, Telegram is favored for its Bot tools that aid in investment decision-making.

Popular Telegram Bot platforms currently support on-chain tracking, transaction searches, price fluctuations, news updates, and new listings on DEXs. This emerging trend around Telegram Bots is gaining momentum.

Read more: What is Telegram used for?

As of this morning (24/07), this sector officially reached a milestone market cap of $155 million USD, doubling its value in less than two weeks, according to data from CoinGecko. The trading volume in this sector has surpassed $33.2 million USD in the last 24 hours.

The market cap of the Telegram Bot Coin is currently $155.2 million USD. Source: CoinGecko

Highlighted projects include:

• Unibot: Supports automated trading on the Uniswap DEX with a simple command on Telegram. The UNIBOT token has increased 25 times in value over the past two months, reaching a market cap of $75 million USD, contributing to 87% of the total market cap in this sector, leading the wave.

1D chart of the UNIBOT/USDT pair on Huobi, screenshot taken at 11:11 AM on 24/07/2023

• Following closely are smaller-cap projects with impressive achievements such as LootBot (LOOT) specializing in airdrops, BoltBot (BOLT) for trading, and Bridge Bot (BRIDGE) facilitating cross-chain token transfers, all experiencing a "surge" in the past 24 hours.

Leading Telegram Bot trends as compiled by CoinGecko

Despite praise for their swapping capabilities and instant token trading, users should be mindful of potential risks. Transferring tokens to third-party wallets or sharing private keys to link existing wallets poses security vulnerabilities that could lead to attacks or rug pulls.

According to Dune Analytics data from anonymous analyst whale_hunter, accumulated trading volume handled by Telegram bots has impressively reached $77 million USD since May 2023, with Unibot alone accounting for $57.2 million USD.

Impressive trading activity of Telegram Bot Tokens since May 2023. Source: Dune Analytics