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Telegram Bot Tokens Hold Strong During Market Decline: 2 Projects to Watch

2 mins
Updated by Ryan Boltman
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In Brief

  • PAAL AI price has managed to post an impressive 17% rise over the past 24 hours.
  • Another token, Banana Gun, marked a 10% rise over the past day owing to bullish cues.
  • The rising interest in AI and automation has resulted in the tokens holding a combined value of $1 billion.
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Telegram was never imagined to be a key hub of crypto assets, but the rise and success of Toncoin (TON) and Notcoin (NOT) changed considerably.

BeInCrypto has analyzed this phenomenon and how you should be around such tokens.

What Are Telegram Bot Tokens?

Telegram Bot Tokens are digital tokens associated with Telegram bots, which are automated programs that can perform various tasks within the Telegram messaging app. These tokens authenticate and interact with the Telegram Bot API, allowing developers to create bots that can send and receive messages, manage groups, provide services, or even facilitate transactions within the app.

In the context of cryptocurrencies, Telegram Bot Tokens can also refer to specific cryptocurrencies or digital assets that are used within the Telegram ecosystem. These tokens might be used for various purposes, such as enabling decentralized applications (dApps), facilitating in-app purchases, or serving as a medium of exchange within Telegram-based communities.

The surge in demand for these assets is due to the rise in Toncoin and Notcoin. Today, these tokens are worth more than $1 billion.

Read More: What Are Telegram Bot Coins?

Telegram Bot Tokens.
Telegram Bot Tokens. Source: CoinGecko

Tokens to Keep an Eye On

The rising demand for these tokens is visible in the price of Telegram Bot tokens, of which these two—PAAL AI and Banana Gun—have considerable legitimacy. 

PAAL AI has registered a 17% rise in the past day, bringing the trading price to $0.321. While the recent 24 hours have been great for the altcoin, the last three weeks have not been so. PAAL fell from $0.528 to the current price, resulting in a four-month low for the altcoin.

Investors of this asset are currently facing considerable losses, and those looking to jump in are advised to wait until some recovery is noted. The likely entry point would be $0.415, triggering a recovery for PAAL.

PAAL Price Analysis.
PAAL Price Analysis. Source: TradingView

Banana Gun’s price action, on the other hand, is starkly opposite. Trading at $48.55, the altcoin has already marked a 10% increase in the last 24 hours. This has resulted in BANANA closing above the critical resistance of $45.03.

The outcome for the altcoin seems rather positive, with the potential for a new all-time high looking good. The current ATH sits at $53.07. To breach it, BANANA would only need a push above $48.58 to secure a 9.5% rise.

Read More: 11 Cryptos To Add To Your Portfolio Before Altcoin Season

BANANA Price Analysis.
BANANA Price Analysis. Source: TradingView

Right now, the cues are bullish for both the altcoins, which is a good sign for Telegram Bot tokens. However, investors should be wary about investing in them.

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In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Aaryamann Shrivastava
Aaryamann Shrivastava is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including Telegram Apps, liquid staking, Layer 1s, meme coins, artificial intelligence (AI), metaverse, internet of things (IoT), Ethereum ecosystem, and Bitcoin. Previously, he conducted market analysis and technical assessments of various altcoins at FXStreet and AMBCrypto, covering all aspects of the crypto industry, including...