Telegram bots are seizing the spotlight in the cryptocurrency market, aiding stakeholders in navigating the fast-paced digital terrain. According to Binance Research, crypto trades through these bots reached a daily volume of an impressive $10 million in July. As of August 2023, these chatbot-powered exchanges exceeded a staggering $190 million, reflecting a clear growth surge in recent months. Amid this rise, user metrics also peaked in July, reaching over 6,000 unique daily users.
Crypto-enabled Telegram bots function much like their common counterparts. They interact with programs to accomplish tasks via messages sent on the Telegram platform itself. Often linked to peer-to-peer or decentralized crypto exchanges, these bots allow users to complete trades using specific commands. Covering a variety of services like trading, airdrop farming, and automated token operations known as sniping, these bots can potentially become an essential part of the cryptocurrency ecosystem.
One significant player that has fueled this growth wave of trading bots in Telegram is the Unibot (UNIBOT) token. Serving as the governance token on the trading bot carrying its name, UNIBOT recorded a 400% rally by the end of July, reaching an all-time high of $199 on July 28. This token currently holds sway over 77% of the marketplace in terms of its market value.
While this rise in crypto activity via Telegram bots is noteworthy, it is too early to determine if this heralds a trend change or if it’s just a temporary increase before the activity surges again. Binance’s Jie Xuan Chua stated, “Nonetheless, we will likely see continued developments, at least in the near future, as projects compete for market share.” Given the sector’s novelty, Chua recommends users to investigate thoroughly before engaging with any Telegram bot to mitigate risks, including those related to asset security and smart contracts.