Telegram Bot 'Banana Gun' Records Over $16 Million in Daily Turnover
Date: 2023-11-24 Author: Dima Zakharov Categories: CRYPTO PAYMENTS
A Surge in Activity
The Telegram-based bot, 'Banana Gun,' witnessed a remarkable surge in its trading volume, surpassing the $16 million mark in November. Over the past week, the bot averaged around $8.8 million, outpacing many decentralized exchanges. Approximately 3,000 users interact with the trading bot daily, conducting nearly 19,000 transactions.
Growing User Base
Since its launch in June, the project has attracted over 46,000 traders, facilitating a total trading volume of $589 million across 1.5 million transactions.
Analyst Insights
Blockworks analyst Ren Yu Kong highlighted the active usage of Telegram bots, indicating that the collective turnover on such platforms has exceeded $4 billion. Kong noted that 'Banana Gun' notably increased its market share from 20% to 35% within three months, becoming a standout in this domain.
Competing Features
The trading bot landscape is undergoing a competition to attract users by offering diverse features. 'Banana Gun' has introduced an 'autosniper' feature enabling users to set precise quantities of coins and their respective selling prices.
Ongoing Developments
The recent update of Unibot to Unibot X, an autonomous trading terminal expanding beyond its primary Telegram interface, marked a significant event in this competition for added functionalities.
Risk Considerations
Despite their popularity, platforms like these are still associated with substantial risk. An unknown entity attacked Unibot on October 31, resulting in the theft of nearly $650,000 in cryptocurrency. Experts continue to warn about asset loss risks while trading through Telegram bots, highlighting their vulnerability to hacking attempts.
