The crypto market is seeing a new type of token flood it, called Telegram Bot tokens. Bots like Unibot, Wagiebot, and LootBot have amassed tens of millions in market cap.
Telegram Bot tokens are turning out to be the latest invention in the crypto market, with several of these tokens seeing skyrocketing prices over the past week. Popular platforms like CoinMarketCap and CoinGecko have created separate categories for these tokens as investors flock to them and their use cases.
What Are Telegram Bot Tokens?
Telegram Bot tokens offer a variety of features, though they are largely used for trading purposes. The fact that they are customizable is a huge bonus that has attracted many users. They are decentralized applications that automate on-chain trading or farming strategies on Telegram. Bots link wallets and have the capability to create new Ethereum wallets as well.
The most popular Telegram Bot token is Unibot, which offers trades at a 1% transaction fee. There are at least 22 such tokens on the market right now, though it will not be long before more arrive.
The number of these tokens will inevitably increase as the technology is refined and more features are developed.
The growth is already happening, with the daily volume of these tokens jumping from $10.4 million to $15.1 million between July 19 and 20. As of July 21, Unibot dominates the market share with approximately 33.3%, likely due to Uniswap being the most popular DEX in the DeFi market.
How Do Telegram Bot Tokens Work?
Telegram bot tokens are automated programs that make trades for users on DEXs, and they facilitate fast swaps. They can also execute yield farming generation.
These bots have high-speed, strong algorithmic support. Furthermore, they can have private nodes and a private transaction option for buying and selling tokens, wallet monitoring, and a token tracker.
There is some merit to the idea that there is intrinsic value to Telegram Bot tokens. They take away some of the pains of trading on DEXs and can generate transactions quickly and cheaply.
Crypto telegram groups have always been popular, but these new tokens may spur growth higher.
Telegram Bots and bot tokens are gaining popularity in the crypto market due to their quick trading and airdrop farming capabilities. For those not interested in these apps, claiming airdrops is an easy way to benefit from cryptocurrencies. Check out our listicle on airdrops to learn more: Best Upcoming Airdrops in 2023
Telegram Bot Tokens Take Over Crypto Market
There is a clear surge in the use of Telegram Bot tokens, with the market cap of this niche crossing $93 million, a 10.5% rise over the past 24 hours. Trading volumes have reached nearly $15 million as investors begin to use these tokens for trading purposes.
The popularity has reached such a point that market ranking platforms CoinMarketCap and CoinGecko have listed a separate category for bot tokens. A quick look at these tokens’ prices shows that they have all been growing massively — some as much as over 500% in the past 24 hours.
Some of these bots have existed since May 2023, though it is only in recent weeks that they have risen in popularity. This could partly be attributed to the fact that these tokens have now reached a critical mass, with users espousing the benefits to others in the crypto community.
Many Telegram Bot tokens have only arrived in July, likely piggybacking on the success of predecessors. Still, that hasn’t stopped them from experiencing sharp increases in price.
Top 5 Telegram Bot Tokens
Regarding market share, the most popular Telegram Bot tokens currently are Unibot, LootBot, WagieBot, FarmerFrens, and Scarab Tools.
1. Unibot
Unibot is the leading Telegram Bot token, with a market cap of $79.6 million. This dwarfs the next one, which is Collab.Land, which has a market cap of $6.5 million.
Unibot performs fast swaps, yield farming generation, and wallet monitoring, among other things.
It has over 3,600 unique users and produced a revenue of roughly 296 ETH on July 20. The annualized holder APY of Unibot stands at around 27.39%, and the bot trading volume is about $4.8 million.
Lifetime volume stands at $61.6 million. UNIBOT is currently trading for $80.45, with a 3% increase over the last 24 hours.
2. LootBot
The next biggest bot token is LootBot, which offers many of the same features as its brethren, including airdrop farming. It performs said functions across multiple chains as well, including zkSync, Polygon, and LayerZero.
LootBot currently has a market cap of $4.9 million, with the LOOT token down by 20% over the past 24 hours but up by 15% over the past hour. It is currently trading for $0.85.
3. WagieBot
Wagiebot is a Telegram Bot token that offers sniping, tracking, trading, copy trading, and more. It works on both Telegram and Discord.
It also features private nodes with direct access to the mempool on networks that include ETH, BSC, and ARBI.
The token is down by 4.7% over the last 24 hours and is trading for $0.58 currently.
4. FarmerFrens
FarmerFrens is an automated airdrop farming bot that aims to make farming accessible. It does charge a fee, at $5 per wallet or use. Users can create an unlimited amount of wallets.
The bots run tasks on all wallets created, and it takes a few clicks to get started. FRENS is down 29.5% over the past 24 hours and is trading for $0.011.
5. Scarab Tools
Scarab Tools offers many of the same features as the other bots. It is available for free to all users with a balance exceeding 250,000 DUNG. Users are notified when new tokens on deployed on Ethereum.
It will support Arbitrum, BSC, Optimism, Polygon, and Fantom in the future. The DUNG token is currently trading for $0.0078, dropping by 22.8% over the past 24 hours.
Telegram Bot tokens seem to have established themselves in the market, and it is evident that they provide benefits to traders. This trend may gain momentum as new features are added.
Pre-existing projects are yet to embrace this new phenomenon. However, the increasing volume and activity indicate that more developments are on the horizon.
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