Binance: Interest in Telegram Bots Surges Due to Skyrocketing Token Prices | BitPinas

• Interest in Telegram bots within the crypto community has surged recently due to the recent rise in token prices and market performance. 
• Telegram bots’ market capitalization has increased by 3.7%, reaching $240,144,968, with UNIBOT token leading.
• Basically, Telegram bots automate crypto tasks involving user commands, setting up wallets, depositing funds, and executing various transactions.

In this space, where communities communicate mostly online, Telegram and Discord are the most popular platforms that are being used. From NFT projects, to crypto firms, trading insights, and even web3 “chismis,” different topics are being discussed on these social messaging platforms. 

The data curated by Binance’s Monthly Market Insights report and Dune Analytics concluded that the interest of the crypto community in the bots on Telegram has surged this month.

The reason? Due to the recent rise in token prices and market performance. 

Surge in Telegram Bots Interest

Notably, activity on these bots has hit new records, with daily trading volume surpassing $10 million on July 23, 2023. The firm even noted that the actual volume could be even greater, given some data’s unavailability.

“By offering users a range of functions such as trading, sniping, airdrop farming, and others, Telegram bots enable crypto users to execute crypto activities easily via their mobile devices in a user-friendly manner,” Binance emphasized, adding that  Telegram has now reached over 800 million monthly active users, representing a vast market for the potential expansion of cryptocurrency.

Additionally, Google search interest in Telegram bots has also increased significantly. 

As of this writing, CoinGecko data shows that the market capitalization of Telegram bots has gone up by 7.2% and is currently valued at $251,373,945. Its trading volume for the last 24 hours is $22,682,625. 

The UNIBOT token, with a market capitalization of over 77%, is currently the leading Telegram bot token, ranking #191 on CoinGecko’s list of top crypto. Currently, the largest gainers are the tokens SonicBOT, valued at $0.02667490 and was up by 80.8%; Saintbot, trading at $4.08, which increased by 53.6%; and NexAI, currently at $0.00145181, which was up by 48.3%.

What are Telegram Bots?

Crypto Telegram bots are said to enable users to automate on-chain tasks effortlessly. These bots offer various functions like trading, sniping, airdrop farming, and analytics, streamlining crypto engagement.

Moreover, it can also be noted that Telegram bots have enhanced the ease and seamlessness of interacting with crypto-related tasks, which simplifies user experiences. Advocates even suggest that these bots could play a role in introducing the upcoming wave of users to the world of cryptocurrency.

The process generally starts with a user entering a command within the Telegram bot channel, which initiates the creation of a main menu, presenting options to either establish a new wallet or connect an existing one. Once the wallet setup is complete, users have the ability to deposit funds using the provided wallet address.

Subsequently, an additional menu that enables users to perform different types of transactions based on their preferences and needs is now emerging.

Basically, Telegram bots generate revenue by charging users a transaction fee and, in some cases, a purchase or sales “tax” for transactions involving the bot’s native token. The total revenue captured by Telegram bots has currently surpassed $28.7 million, as per Binance’s study.

“It is too early to gauge organic demand, as much of the current activity has been driven by skyrocketing token prices. Nonetheless, we will likely see continued developments, at least in the near future, as projects compete for market share,” the study commented. 

Telegram in Web3

As early as 2017, Telegram ‌introduced the idea of launching the Telegram Open Network (TON) and the GRAM token. However, the platform discontinued these projects after a regulatory battle with the U.S. Securities and Exchange Commission for an alleged “unregistered securities offering.”

But in 2022, Pavel Durov, the founder and CEO of Telegram, again expressed his interest in the industry and emphasized his company’s aim to promote trustless and decentralized solutions, including non-custodial wallets and decentralized exchanges. 

This article is published on BitPinas: Binance: Interest in Telegram Bots Surges Due to Skyrocketing Token Prices

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

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• Source: https://bitpinas.com/cryptocurrency/binance-report-telegram-bots/