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What Are Telegram Bot Coins?

9 mins
Updated by Artyom Gladkov
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The Telegram app, traditionally a messaging platform, is shaking up the crypto space with its innovative bot tokens. But what are they, and how do they work? This guide covers everything you need to know about the top Telegram bot coins and their impact on crypto trading.

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What are Telegram bot coins?

One of the flagship features of Telegram, the popular cloud-based messaging app, is its Telegram bots — or just bots for short. Telegram bots are like virtual assistants. They allow you to automate a multitude of tasks depending on your personal needs. Recently, these bots have found a unique product market fit in decentralized finance (DeFi).

Thanks to a few, mostly anonymous devs, users can now conveniently access essential DeFi services from their Telegram accounts. These bots alleviate certain challenges associated with trading on DEXs and facilitate fast and cost-effective transactions.

You can use them for a variety of specific DeFi purposes, such as trading on decentralized exchanges (DEXs), wallet management, yield farming, token sniping, and more. Telegram bot coins are the native tokens of these unique Telegram bots.

Telegram block coins
DEX volume 24h Telegram bots: Dune

Telegram bot coins vs. meme coins

The increasing popularity and remarkable performance of Telegram bot coins have led some people to compare this phenomenon with that of meme coins. Like meme coins, Telegram bot coins possess mostly extrinsic value. In other words, they aren’t necessary for the performance of the bots. However, a few tokens allow holders to take advantage of lower trading fees, revenue sharing, or other exclusive benefits.

In contrast to meme coins, Telegram Bot Coins have demonstrated a better-than-average performance than the global market, indicating a potential bullish trend. The daily volume surged from $10.4 million to $15.1 million between July 19, 2023, and July 20, 2023, as per data from Dune Analytics. Furthermore, as of Aug. 5, 2023, the total market cap of Telegram bot coins has surged to $192 million.

Telegram bot coins UniBot dominance: Dune

And it’s not just UniBot. Other bot coins like Bolt Bot, Genie Bot, OxSniper, and Wagie Bot have all experienced significant growth in Q2 2023. This success, although dependent on market conditions and potentially unsustainable, has attracted considerable attention from traders and investors.

Top 5 Telegram bot coins

1. UNIBOT

Best for trading
UniBot
UniBot
Type
Trading bot
Total supply
1 million
Blockchain
Ethereum

2. IMGNAI

Best for AI image generation
Image Generation AI
Image Generation AI
Type
Image generation
Total supply
1 billion
Blockchain
Ethereum

3. CGPT

Best for general blockchain tool
ChainGPT
ChainGPT
Type
Blockchain tool
Total supply
1 billion
Blockchain
Ethereum

4. DCK

Best for DEX insights
DexCheck
DexCheck
Type
Tracking and trading bot
Total supply
1 billion
Blockchain
BNB Smart Chain

5. TKB

Best for automated trading
TokenBot
TokenBot
Type
Trading bot
Total supply
1 billion
Blockchain
Ethereum

Does Telegram have a token?

The Open Network, originally the Telegram Open Network, was first developed partly to create a crypto token. Gram was intended as a utility coin to facilitate transactions within the Telegram messaging platform. However, legal issues quickly abounded after Telegram raised almost $1.7 billion for the TON platform in two private token sale ICO rounds in February and March 2018.

The SEC’s legal case led to the separation of the renamed “The Open Network” from the Telegram team. Now, the TON Foundation oversees Toncoin (TON). It is entirely separate from Telegram, which does not have a native token.

In June 2020, Telegram reached an $18.5 million civil settlement with the U.S. Securities and Exchange Commission and pledged to return the cash investors had put into the TON token. The messaging app’s founder Dural Pav criticized the regulator’s ruling heavily, writing on his Telegram channel:

Unfortunately, a U.S. court stopped TON from happening. How? Imagine that several people put their money together to build a gold mine — and to later split the gold that comes out of it. Then a judge comes and says: “These people invested in the gold mine because they were looking for profits. And they didn’t want that gold for themselves, they wanted to sell it to other people. Because of this, they are not allowed to get the gold.”

Dural Pav via Telegram

Did you know? The SEC uses the Howey Test as a framework to check if a specific investment contract adheres to federal securities law and if it qualifies as a security.

In the case of Gram, the court did not find the tokens themselves or the purchase agreements standing alone to be securities. However, the court concluded that the entire presale scheme as a whole could be considered securities and thus must be regulated as such.

So what is The Open Network?

The Open Network (TON) is a decentralized layer-1 blockchain that aims for scalability to draw billions of users. It uses a bridge system to connect different networks. TON, its native cryptocurrency, handles fees and governance. The network features blockchain sharding for efficiency, a proof-of-stake system for transaction validation, and smart contracts for managing participants. TON accepts tokens as payment for services and applications within its blockchain. Its design aims to make blockchain technology accessible to everyone.

While The Open Network is not affiliated with Telegram, users can buy and send TON through the Wallet Bot on the decentralized messaging app. Users employ the token to cover fees associated with executing smart contracts, operating decentralized applications (DApps), participating in governance, and staking in the network’s consensus mechanism.

What is the Telegram token used for?

telegram token

After Telegram was forced to abandon Gram by the SEC, Toncoin (TON) has effectively (yet crucially not officially) taken its place. Toncoin primarily serves to expedite payments and transactions within the Telegram messaging app, other networks, and apps and services built on the TON network but it is not a “native” coin, as per Telegram’s press office.

TON’s system allows users to make instant payments within chats and transfer crypto to friends simply by typing their nicknames instead of lengthy wallet addresses. Moreover, the initial distribution of TON employed a “fair” method that enabled all community members to mine the tokens. It then switched to a more efficient proof-of-stake system.

How useful are Telegram bot coins?

Telegram bot coins offer a range of useful features, such as trading on the best-decentralized exchanges, managing digital wallets, and yield farming, all from within the decentralized messaging platform.

Unlike some cryptocurrencies that are driven by hype (e.g., meme coins), Telegram bot coins offer tangible uses that give investors confidence. However, like all investments, they come with potential risks. Investors must thoroughly research, understand the technology, and evaluate the team behind these assets before investing.

Frequently asked questions

Which is the best Telegram bot coin?

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Iulia Vasile
Iulia Vasile is a seasoned professional in the cryptocurrency and blockchain industry, working full-time in the field since 2017. With a background in computer engineering, she has the unique ability to write about complicated topics, including DeFi, NFTs, trading, and AI, in a way that is easy to understand. Iulia learned multiple programming languages while completing her Software Engineering degree in Bucharest at Politehnica University. Iulia brings her expertise and personal...
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