Recent Research Reveals Surge in Cryptocurrency Trading via Telegram Bots
According to a recent study conducted by Binance, the use of Telegram bots for cryptocurrency trading has witnessed a significant increase in activity over the past few weeks. This trend highlights the growing interest and adoption of automated trading solutions within the crypto community.
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Surge in Activity for Telegram Crypto Bots
Telegram Crypto Bots Set New Records with Surging Trade Volumes
Recent research conducted by Binance reveals that Telegram bots are making a significant impact on the cryptocurrency market, as daily trade volumes from these software applications have reached an all-time high in recent weeks.
As of early August, the cumulative trade volumes generated by crypto trading bots on Telegram have soared to $190 million. On July 23, a single-day record was achieved, with trading volumes surpassing $10 million.
Additionally, user activity on Telegram’s crypto bots hit a record high in July, with over 6,000 daily unique users engaging with the platform.
The substantial trading volumes and user engagement have translated into substantial revenues for Telegram chatbot operators. The total chatbot revenues on the platform have reached an impressive 15,500 Ether (ETH), equivalent to approximately $28 million, according to the report authored by Jie Xuan Chua.
Cryptocurrency-Enabled Telegram Bots Revolutionizing Crypto Services
Similar to conventional Telegram bots, cryptocurrency-enabled Telegram bots offer users the ability to interact with programs via messaging to perform specific tasks. These bots are often linked to peer-to-peer or decentralized cryptocurrency exchanges, providing users with the convenience of executing trades through simple commands within the chatbot.
According to analyst Chua, these Telegram bots have the potential to become a significant part of the cryptocurrency ecosystem, offering diverse crypto services such as trading, airdrop farming, and automated token operations like sniping. By providing users with a user-friendly means to carry out transactions, these bots could carve out their own niche within the crypto industry.
The surge in activity related to Telegram’s crypto trading bots can be attributed to the remarkable price increases of associated tokens. For instance, the Unibot (UNIBOT) token, which serves as the governance token for the eponymous trading bot, experienced a substantial 400% rally, reaching an all-time high of $199 on July 28.
Chua highlighted UNIBOT’s prominent role in driving the recent burst of activity among Telegram trading bots, accounting for over 77% of the market based on its market capitalization.
Despite this growth, Chua cautioned that it is premature to determine whether the recent activity in Telegram bots-enabled crypto activity indicates a trend reversal or simply a temporary surge before activity rises again. He anticipates further developments as projects vie for a larger market share.
The analyst also emphasized the importance of users conducting thorough research before engaging with any Telegram bot. Given the relative newness of the sector, users must be mindful of associated risks, including those related to asset security and smart contracts. Awareness of these risks is essential in ensuring a safer and more informed interaction with cryptocurrency-enabled Telegram bots.