Telegram is not just a regular messaging app; it has also become a “virtual assistant” for crypto investors by providing a wide range of Bot tools to support users.
The crypto community has flocked to Telegram Bots – projects accessing tokens (providing on-chain tracking, price fluctuations, news, and new listings on DEX) as easily as sending messages on the app. Thanks to this, Telegram is playing an increasingly important role in the cryptocurrency space.
With its rapid growth and the community’s fear of missing out (FOMO), on the morning of July 24th, the market capitalization of Telegram Bot officially surpassed the $155 million mark – doubling its value in less than two weeks. However, at the time of writing, the market capitalization has trended down to $151 million, with trading volume reaching over $30 million in the past 24 hours.
Prominent projects in the Telegram Bot space include
Unibot is a Bot that provides trading signals, market analysis, and portfolio management. What’s even more impressive is that it supports automatic trading on the Uniswap decentralized exchange (DEX) with just a simple command in Telegram. Over the past two months, its native token UNIBOT has surged by 25 times, reaching a market cap of $130 million and contributing to 87% of the total market cap in its category, making it a leading force in the market.
On the other hand, Mevfree is another Bot that alerts users to potential opportunities in Miner Extractable Value (MEV) – helping traders make informed decisions. It’s currently in second place after Unibot, with a market cap of $6 million.
Following these two are other projects with more modest market caps but equally impressive achievements. For instance, LootBot (LOOT) focuses on airdrops, BoltBot (BOLT) specializes in trading, and Bridge Bot (BRIDGE) offers support for cross-chain token transfers.
When using apps and Bots in the cryptocurrency space, it’s important to be aware that despite their ability to facilitate quick transactions and token exchanges, there are also some inherent risks involved.
One of the significant risks is transferring tokens to third-party wallets or sharing private keys to link with existing wallets. This creates a vulnerability in security and can lead to potential attacks or rug pulls.
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