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The Rise of Telegram Bots: Transforming the Crypto Landscape
Beginner
2023-11-07 | 5m
TL;DR
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Telegram Bot allows users to participate in crypto activities through their mobile devices by providing features such as trading, swap, and on-chain interaction.
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Telegram Bot provides users with more user-friendly and convenient access to crypto, which may become the next trend in the crypto industry.
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There are certain risks associated with Telegram Bot. It is advisable for users to start with small amounts when using it and, when interacting with the Bot, consider creating a new wallet instead of using their main wallet.
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Bitget has listed several popular Telegram Bot tokens, including UNIBOT, IMGNAI, CGPT, and more.
The Telegram Bot segment is becoming the next hot narrative in the crypto industry. According to CoinM arketCap data, in the past week, the top 5 projects in terms of market capitalization in the Telegram Bot sector have shown outstanding performance, with an average increase of over 50%. This has also attracted attention and sparked discussions among more users in the crypto community. So, what is a Telegram Bot? How did it manage to stand out during a bear market? What are some potential projects worth paying attention to in the Telegram Bot field? This article will give you a detailed introduction to the Telegram Bot segment, its potential, and future opportunities.
What is a Telegram Bot?
As the name suggests, a Telegram Bot refers to the bots on Telegram that provide various DeFi trading tools. After users import their wallet mnemonic phrase, these bots can execute certain trading operations for users, such as token swap, copy trading, portfolio analysis, automated on-chain interactions, cross-chain asset management, and more.
According to the latest report, the total trading volume executed through Telegram Bots has exceeded US$190 million, with the highest volume in a single day reaching US$10 million. Meanwhile, by collecting transaction fees and "taxes" imposed on token swaps, Telegram Bot has reached a total revenue of more than US$28.7 million.
The Value and Potential of Telegram Bots
Due to the significant barriers to entry for regular users and investors, the cryptocurrency industry has faced challenges in achieving rapid and widespread adoption. Telegram Bots, on the other hand, is here to provide users with more user-friendly and convenient access to crypto. Furthermore, Telegram currently boasts 800 million monthly active users, which will serve as an important portal, enabling more users who have yet to enter the crypto space to have a superior crypto experience.
Compared to the plethora of ever-emerging DeFi offerings, users can experience all-in-one crypto services and tools through Telegram Bots. This is similar to WeChat Mini Programs, where users no longer need to switch between various apps and can access a variety of applications directly through WeChat. Currently, Telegram Bots offer the following features:
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Trading/token swap: Users can buy and sell cryptocurrencies directly through Telegram.
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Early access to new coins: It offers users the opportunity to automatically buy a new coin once it is listed.
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On-chain interaction: A series of operations can be automated to improve the chances of participating in future airdrops.
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Copy trading: Telegram Bot supports simulating and following the trading behavior of other professional traders.
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Other features: Analyzing on-chain behavior, tracking whale wallets, and more.
Opportunities and Risks of Telegram Bots
As more users begin to use Telegram Bots, the fast-growing bots are expanding their services to more social platforms, such as Discord and X. This allows bots to reach more users and achieve faster growth. Currently, most bots only offer single features or services. However, it is believed that in the future, these bots may expand to cater to a broader range of users. Additionally, some bots support cross-chain services, enabling them to provide more convenient services to users on different blockchains.
Although the services provided by Telegram Bot are becoming increasingly popular among users, their rapid development also comes with certain risks. Firstly, these bots have a relatively low level of decentralization. Importing mnemonic phrases into these centralized applications carries the risk of significant losses in the event of a single hacker attack. Secondly, there is the risk associated with smart contracts. The inevitable interaction between bots and smart contracts may introduce potential security issues.
Considering the potential risks associated with Telegram Bot, it is recommended that users, especially crypto beginners, start with small amounts, avoid authorizing wallets with large amounts of assets to the bot, and create a new wallet instead of using the main wallet during the interaction.
Popular Telegram Bot Projects
UniBot (UNIBOT)
Unibot aims to be the fastest Telegram trading bot, providing users with a seamless and high-speed crypto trading experience. Unibot offers many special features, such as limit orders, which allow precise execution of "buy low and sell high" strategies. It has also launched the copy trading feature, which supports users to trade by following the successful strategies of professional traders. Users can also test their selling strategies in advance to maximize selling potential. In addition, Unibot offers real-time alerts for new tokens, allowing users to easily add the latest tokens and trade them. As a leader in the Telegram Bot sector, Unibot currently has a market capitalization of US$180 million, ranking 146th.
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UNIBOT
on Bitget now
ImgnAI (IMGNAI)
ImgnAI (IMGNAI) is a tokenized AI project that provides free and premium AI generation services. ImgnAI's flagship product is Nai, an AI image generator based on anime. Users can use it for free on Telegram. Currently, over 20,000 people are using it to generate their creative works every day.
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IMGNAI
on Bitget now
ChainGPT (CGPT)
ChainGPT (CGPT) is an advanced AI model specifically designed for blockchain technology and cryptocurrency-related topics, aiming to unleash the power of blockchain artificial intelligence. The AI model uses the latest algorithms and high-speed computing power to solve challenging problems in the blockchain and crypto space. Users can use ChainGPT to quickly access any knowledge and information they need. ChainGPT also has many other unique features designed for individuals, developers, and businesses, making it an essential tool for all users in the blockchain field.
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CGPT
on Bitget now
WagieBot (WAGIEBOT)
Wagie Bot is a versatile DeFi bot that operates on dedicated private nodes of ETH, BSC, and Arbitrum. With a response time of just 1 millisecond, it is one of the fastest tools available in the market. All operations conducted through WagieBot, whether it's buying, selling, sniping, or copy-trading, are instantly executed. In addition, with the launch and integration of GMX, users can go long or short on the decentralized futures platform through Telegram, with no additional fees charged by WagieBot.
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WAGIEBOT
on Bitget now
Closing Thoughts
The emergence of the Telegram Bots is, once again, a testament to the fact that the rapidly evolving and constantly innovating crypto industry is never short of new narratives. Integrating automated crypto trading services into traditional social platforms not only improves the trading experience for crypto investors but also opens the door to the crypto world for traditional investors outside the sphere. Although the overall scale of the Telegram Bot field is relatively small, and there are some security risks involved, it is believed that with the continuous improvement of the features and the expansion of the market, Telegram Bots may become an important gateway for regular investors to enter the crypto world. Therefore, as crypto investors, it is important to pay sufficient attention to this sector.
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Disclaimer: The opinions expressed in this article are for informational purposes only. This article does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading advice. Qualified professionals should be consulted prior to making financial decisions.
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