Analysts called the token "Telegram" bots with a 60-fold growth
Date: 2023-07-30 Author: Karina Ziganova Categories: IN WORLD
In July 2023, Telegram bot tokens showed impressive growth, and several dozen new coins appeared on the crypto market. This is stated in the CoinGecko report
This month, the new WagieBot (WAGIE) token showed the highest profit in July: from the launch on July 10 to July 23, the price increase was 6762.2%. It was followed by LootBot (LOOT), whose price increased by 2806.0% from July 14 to July 23. At its peak on July 22, the token rose by 3593.6%, rising from $0.03 to $1.16.
Of the relatively old tokens, BoltBot (BOLT) led the way with a price increase of 1387.1% from July 1 to July 23. Starting at $0.23 in July, BoltBot climbed to $2.40 by July 23. It was followed by Unibot (UNIBOT) with a price increase of 302.8% over the same period. Collab.Land (COLLAB) rose 173.9%, from $0.005 to $0.013 in July.
However, not all bot tokens showed significant growth. Alfa.society (ALFA) started July with a price of $0.003, and on July 23 its price was only $0.005. This represents an increase of 58.5%, well below the average gain of 1915.1% for the six tokens in the study.
WAGIE and UNIBOT are market leaders
UNIBOT became the largest Telegram bot in the token segment with a market capitalization of $140 million as of July 23. In addition, since its inception on May 17, it has generated 3135.92 ETH in revenue. Meanwhile, UNIBOT's closest competitor, WAGIE, managed to accumulate 397.98 ETH in revenue with a market capitalization of $9.6 million.
Moreover, the excitement in the Telegram bot token market was largely due to Unibot, a service that allows Uniswap crypto exchange traders to make transactions in the messenger. After the successful launch of Unibot, several more bots with similar functionality appeared in Telegram.
According to CoinGecko, at the time of writing, the total market capitalization of Telegram bot tokens was $242.3 million, and the trading volume in 24 hours was $34.94 million.
How Telegram bots can harm users
Bobby Ong, co-founder and COO of CoinGecko, has previously noted the growth of tokens in this sector, but pointed out some risks. According to him, 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."
