A disruptive wave is sweeping the crypto trading landscape through the penetration of Telegram-based trading bots. Leading this charge is Unibot, a trading bot that has built a fast-growing following since its launch in May. A key indicator of this growth is the over 54% increase in UNIBOT tokens value over the previous week. Interestingly, the user base has seen a steady growth trajectory, as per Dune Analytics data.
The aggregate trading via Unibot reached a remarkable $54 million value in tokens. Through the innovative structure of the Unibot application, a significant $1 million in revenues has been distributed back to users. The exciting part of these rewards is the linkage to token holdings – the more tokens held, the larger the proportion of revenues received, comprising 40% of transaction fees and 1% of UNIBOT’s overall trading volume.
The reason behind the popularity of these Telegram-based bots may lie in the simplicity they provide, compared to decentralized exchanges like Uniswap. Trading on Uniswap involves repeated logging into wallets, thorough cross-checking of token data and potentially hefty fees to secure transactions. Crypto trader @blknoiz06 shares a similar sentiment stating, “Main problem w/ trading on-chain is terrible UX, unibot allows you to easily market buy/sell w/ 1 telegram command.”
Furthermore, other burgeoning token platforms like Wagiebot, 0xSniper, Bridge, and Bolt have experienced surges of up to 500% within a day. These striking numbers hint at the potential for these tokens to follow the same growth pattern as Unibot.
It is worth noting, however, that the overall market cap for this emerging sector presently sits below $100 million according to CoinGecko data. This could suggest more lucrative rewards for traders as this niche grows. On the flip side, it may also serve as a sign of the relative risk and volatility often associated with young, expanding markets.
In conclusion, while the growth potential appears promising, it is crucial for would-be investors to consider the inherent risks. While Telegram-based crypto-bots are breaking down barriers and simplifying trading, it’s essential to understand the volatility in these burgeoning markets. As such, the potential for high returns comes with an equally high level of risk. Nevertheless, this new development is a fascinating and potentially game-changing trend in the landscape of crypto trading.
Source: Coindesk
