Telegram Bot Tokens Hit $90 Million in Total Market Cap
According to CoinGecko’s data, The total market capitalization of Telegram bot tokens crossed above $90 million on Thursday morning. This figure is double the market valuation of the sector recorded at the start of July.
So what are Telegram bots for crypto apps? They’re automated programs designed to enable users to implement farming strategies or on-chain trading within the messaging platform by connecting their crypto wallets to those bots.
Unibot is the leading crypto-focused Telegram bot. It facilitates automated trading on decentralized exchange Uniswap and includes a useful snipping feature that lets users instantly buy tokens after being listed on the exchange.
Data from CoinGecko shows UNIBOT, the native token of the automated program, has grown by 55% in the past seven days. The crypto asset accounts for 88% of the market capitalization of all Telegram bot tokens. UNIBOT is priced at $78.58 as of this writing.
Other Telegram bot tokens that have seen massive price increases over the last seven days include COLLAB, which is up 240% to $0.0143; BOLT, which has surged 1,546% to $1.73; OXS, which has increased by 224% to $0.00044; and WAGIEBOT, which has added 335% to its value to trade at $0.567 as of Thursday evening.
CoinGecko Founder’s Take on Telegram Bots
On Thursday afternoon, the founder of CoinGecko, Bobby Ong, took to Twitter to comment on the growing number of Telegram bots. He said they have made trading easier. However, he also highlighted the risks associated with those programs. Ong noted that anyone using the bots had to transfer their crypto assets to third-party wallets or share private keys so that their existing wallets could be linked to the bots. This opens up possibilities of rug pulls and exploits, according to the CoinGecko founder.
For this reason, Ong said he will be using Telegram bots for transactions involving small amounts of funds.
Telegram Bots Trading Performance
Meanwhile, on-chain data analyst Whale Hunter reveals that the Telegram bots have processed $78 million in cumulative trading volume since May. Unibot accounts for $57 million of that figure.
On Wednesday, the bots handled the highest daily trading volume ($5.6 million), with Banana Gun, Ready Swap, and Unibot being the most used.
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