Automated Programs Revolutionize On-Chain Trading through Messaging App
Telegram bot tokens have set the cryptocurrency world abuzz as they achieve an incredible milestone, reaching a market cap of over $90 million. This remarkable surge has doubled the valuation of the sector in less than a fortnight, making it one of the fastest-growing segments in the decentralized finance (DeFi) space. Riding on the wave of this explosive growth are automated programs that enable users to implement on-chain trading or farming strategies through the popular messaging app Telegram.
Automated Trading Made Easy with Telegram Bots for DeFi
Telegram bots have emerged as a game-changer, simplifying and streamlining DeFi trading for users. These automated programs facilitate direct interaction with decentralized applications (dApps) by linking users’ wallets to the bots or even creating new Ethereum wallets within the Telegram platform itself. This innovation has paved the way for a user-friendly and accessible trading experience, attracting a rapidly increasing user base.
Unibot: The Leader in Telegram Bot Trading
Among the various Telegram bots, one standout performer is Unibot, gaining significant popularity as the go-to bot for automated trading. Focused on the Uniswap decentralized exchange (DEX), Unibot’s user-friendly features include snipping, allowing for instant token purchases right after listing, and revenue sharing, making trading more efficient and profitable.
UNIBOT Token Skyrockets with over 400% Surge in 30 Days
The success of Unibot is reflected in its native token, UNIBOT, which has experienced an extraordinary surge of over 400% in value within the last 30 days. As of now, UNIBOT commands an impressive share of more than 87% of the total market cap of all Telegram bot tokens, solidifying its dominance in the space.
Rapid Growth and Security Concerns
While the rapid growth of Telegram bot tokens has been met with enthusiasm, experts are also sounding a note of caution. Bobby Ong, co-founder and COO of CoinGecko, highlighted the emergence of new Telegram bots with built-in wallets, which make “degen trades / airdrop farming easier”. However, utilizing these bots involves certain risks. Users must transfer tokens to third-party wallets or share their private keys to link their existing wallets to the bots, potentially exposing their funds to malicious actors and security breaches.
Vigilance Required Amidst the Excitement
Ong further emphasized the possibility of some bots storing users’ private keys and conducting rug pulls, which could lead to devastating losses for all its users. Despite these concerns, some users, including Ong himself, are still finding the convenience of using the bot for “small play money” attractive, engaging in degen trades.
Impressive Trading Volumes and User Preferences
Data from the pseudonymous data analyst whale_hunter’s Dune dashboard revealed that cumulative trading volumes handled by Telegram bots have impressively surpassed $77 million since May 2023. Unibot emerged as a clear leader, accounting for a substantial $57.2 million of the total volume.
On July 19, the trading bots experienced a peak trading volume of $5.7 million, with popular choices like Unibot, Banana Gun, and Ready Swap garnering significant user interest.
As the Telegram bot tokens market continues to surge and evolve, it is essential for users to stay vigilant and prioritize the security of their assets. The convenience of automated trading should not overshadow the need for responsible risk management in the dynamic world of cryptocurrency and DeFi.
Disclaimer
The information presented in this Blogpost is solely for educational and informative purposes and should not be misconstrued as investment, financial or legal advice. Cryptocurrencies are a highly unstable and speculative market and their worth is susceptible to substantial fluctuations. Therefore, it is advisable to conduct personal research and seek counsel from qualified experts before making any financial decisions.
