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Telegram Bot Tokens Surge: Traders Propel Value Beyond $240 Million

  • Telegram has become a market for small investors concerned about missing out on the resurgence of cryptocurrencies this year.
  • A new group of trading bots developed mostly by anonymous individuals has gained popularity among investors interested in decentralized finance.
  • The rise in the prices of Telegram bot tokens has contributed to their recent popularity.

Telegram has transformed into a marketplace for minor investors anxious about not capitalizing on the crypto boom this year. A new wave of trading bots, primarily developed by unidentified individuals, has gained traction among investors keen on decentralized finance. The surge in the value of Telegram bot tokens has fueled their recent popularity.

The Emergence and Popularity of New Trading Bots in the DeFi Space

As the market recovers from the losses of the previous year, an increasing number of crypto traders are striving to enhance their trading strategies. Trading bots are enabling investors to comfortably use decentralized exchanges, also known as DEXs, which typically offer a broader range of tokens compared to centralized exchanges.

Philipp Zentner, CEO of cross-chain liquidity routing firm Li.Fi, stated that the focus of Telegram trading bots is usually on coins with low market value, meme coins, and low-volume cryptocurrencies. These assets’ ability to attract significant attention stems from their potential for substantial profit margins due to the existence of liquidity and price disparities.

Unibot: The Popular Chatbot Facilitating DeFi Trades

Among the recently developed chatbots is Unibot, designed by anonymous individuals. When a user on the Telegram platform has a conversation with Unibot, they can execute crypto trades in DeFi as easily as sending a text message to a friend. According to data compiled by Dune Analytics user whale_hunter, Unibot alone has gained over 6,000 unique users and generated revenue worth approximately 7 million dollars in just two months.

This visible growth starkly contrasts with the DeFi sector. The total value of cryptocurrencies sent to the DeFi sector has been hovering between 40 billion and 50 billion dollars for about a year, according to DeFiLlama. DeFi as a whole is still struggling to overcome a series of scandals, including the collapse of algorithmic stablecoin TerraUSD and the bankruptcy of FTX exchange.

Risks Associated with Telegram-Based Trading Bots

Suki Yang, a former trader at crypto fund Pantera Capital, built a similar bot after witnessing the explosive growth of Telegram-based trading bots. She stated that this phenomenon demonstrates that these bots have a clear market fit in crypto and represent a profitable business that requires minimal funding.

However, using some of these trading bots could be risky as it might require users to compromise their privacy and security. Or Dadosh, CEO and co-founder of Web3 cybersecurity firm Ironblocks, warned that bot developers could access any user’s wallet at any time or, worse, get hacked. But in an industry known for its high tolerance for risks, security concerns related to these bots do not seem to bother many users.

Conclusion

As the crypto market continues to evolve, the emergence and popularity of trading bots, especially on platforms like Telegram, are undeniable. While they offer ease of use and potential profits, users must also be aware of the associated risks and trade responsibly.

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Gideon Wolfhttps://en.coinotag.com/
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