Telegram Crypto Bots Achieve Record Figures

Binance Research reveals a surge in crypto trading via Telegram bots, reaching $10 million in daily volumes in July.

Telegram, a popular messaging app, is seeing a significant rise in crypto trading through its bots, according to the latest report by Binance Research. With July’s daily trading volumes hitting an all-time high of $10 million, Telegram crypto bots are becoming a go-to tool for anyone interested in crypto markets.

In recent months, Telegram bots that facilitate crypto trading have gained a foothold in the market. These bots are not just novelties but useful tools that simplify the trading process. On July 23, for example, the daily volumes of crypto trades conducted through chatbots on Telegram reached a record high of $10 million.

The total trading volume associated with these bots exceeded $190 million by the beginning of August 2023. What’s more, user numbers have also reached record levels, with over 6,000 unique users engaging daily in July. The bots have even accumulated more than 15,500 Ether, equivalent to about $28 million, in total revenue.

Telegram Bots Trading Volume. Source: Binance Research

How Telegram Bots Work and Why They Matter

Similar to regular Telegram bots, the crypto-enabled versions let users interact with specific programs to carry out particular tasks. By simply sending messages through the Telegram messenger, users can execute trades by using simple commands in the chatbot.

These bots often link to decentralized cryptocurrency exchanges, making trading as easy as sending a text message. For newcomers and seasoned traders alike, this has opened up a new, user-friendly way to engage with crypto markets.

The Role of UNIBOT and Other Crypto Tokens

The rise in Telegram bot activity also aligns with the surge in the price of related tokens. The UNIBOT token, specifically, plays a critical role in this development. As the governance token for a trading bot on Telegram, UNIBOT saw its value jump by 400% in late July, reaching a high of $199.

According to Binance Research, UNIBOT has a significant influence on the market, making up more than 77% of the market capitalization. The success of UNIBOT is a clear sign of the growing importance of Telegram bots in the cryptocurrency ecosystem.

The Potential and Risks of Telegram Bots

Binance Research’s analysis shows that Telegram bots offer various services related to crypto, such as trading and automated token actions. These bots provide users with a convenient and seamless way to conduct transactions.

However, it’s still early days, and only time will tell if this is a long-lasting trend or just a temporary surge in activity. Future developments are anticipated, with new projects likely to emerge to capture market share.

While the potential for growth is clear, Binance Research also warns of the risks. Users must do their research and be cautious when dealing with Telegram bots. The newness of this technology means that there may be security concerns related to assets and smart contracts.

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