In July, daily crypto trade volumes on Telegram bots surged to an all-time high of $10 million, according to a Binance Research report. Telegram bots are emerging as a new avenue for exposure to cryptocurrency markets and various services. Cumulative crypto trading volume linked to Telegram bots will exceed $190 million by early August 2023, as reported by Binance Research.
Rising Adoption and User Engagement:
The use of Telegram bots for crypto activity has seen a recent uptrend. On July 23, chatbot-enabled crypto trades recorded record daily volumes, accompanied by over 6,000 daily unique users. Telegram bots have garnered substantial revenue, collecting more than 15,500 Ether (approximately $28 million) in total.
Year-to-date daily trading volume on Telegram bots. Source: Binance Research
Telegram bots allow users to interact with programs via messaging, particularly within decentralized and peer-to-peer cryptocurrency exchanges. This functionality offers a seamless way to execute transactions, potentially establishing a niche within the crypto ecosystem.
The recent surge in Telegram bot activity can be attributed to the rising token prices, notably the Unibot (UNIBOT) token. UNIBOT, the governance token for the eponymous Telegram trading bot, experienced a 400% rally, reaching an all-time high of $199 by late July. This token contributes significantly to the market, accounting for over 77% of its capitalization.
Future Prospects and Caution:
While the growth in Telegram bot-enabled crypto activity suggests market interest, its long-term trajectory remains uncertain. Ongoing developments are expected as projects vie for market dominance. However, users are advised to conduct thorough research before engaging with any Telegram bot due to associated risks, including asset security and smart contract vulnerabilities.