The market capitalization of Telegram bot tokens approached $100 million
Date: 2023-07-22 Author: Karina Ziganova Categories: BLOCKCHAIN, CRYPTO PAYMENTS
According to CoinGecko, at the time of writing, the market capitalization of Telegram bot tokens was $96.3 million, and the trading volume in 24 hours was more than $20 million
The leader of this sector was Unibot (UNIBOT), launched in May. This token has played a key role for the sector, its market capitalization is $82.3 million out of $96.3 million of the total market capitalization of Telegram bot tokens. Moreover, UNIBOT has grown by 68% to $83.77 over the past week, and in 24 hours the price of the token has increased by 25.9%.
Meanwhile, newer tokens such as Wagiebot (WAGIEBOT), 0xSniper (0XS), Bolt (BOLT), and Collab.Land (COLLAB) have also seen significant gains in the last 24 hours. These coins increased in price by 410.6%, 111.1%, 321.7% and 415.7%, respectively. Such indicators can be explained by the fact that traders hope to benefit from these tokens like UNIBOT.
What do users risk?
Bobby Ong, co-founder and COO of CoinGecko, also noted the growth of tokens in this sector, pointing out some risks. He pointed out that users have to transfer tokens to a third-party wallet or share private keys to link existing wallets. This exposes their funds to potential exploits or rag pulls.
Ong added that he wouldn't be surprised "if one of the bots ends up intercepting or storing users' private keys."
"It could be any of the bots; In fact, the more popular the bot, the higher the risk. However, I find them very convenient for degen trading, so when using any of these bots, make your own risk trade-off," he concluded.
How a Crypto Bot Made Millions of Dollars
In May, Maestro, a Telegram cryptocurrency bot for copy trading, earned almost $5 million in commissions in just one month. The bot offers a copy trading service, buying tokens available on decentralized exchanges, tracking wallets and trading signals. As successful trades were made, he charged a commission of 1%.
However, in any use case, sensitive user data is exposed to the bot. This means that, if desired, developers can change the bot code and charge up to 100% of the balance on the connected wallet in the form of a commission.
