Telegram bots have become a new tool in trading. cryptocurrency and many related services by the cumulative volume of crypto trading associated with Telegram bots over $190 million as of early August 2023, according to a new report by Binance Research.
Crypto trading activity through Telegram bots has increased particularly in recent months, Binance Research analyst Jie Xuan Chua wrote in a report on July 23, noting that trading volume hit an all-time high. At $10 million, a record high in July. with more than 6,000 unique users per day.
The Telegram bot for Crypto trading allows users to connect to peer-to-peer exchanges or cryptocurrency exchanges. Decentralized Enables users to execute trades using commands in the chatbot.
According to Chua, Telegram bots could become an important part of the cryptocurrency ecosystem. Because they offer different types of crypto services including trading, airdrop farming, and more.
Telegram’s rapid growth in crypto-trading bot-related activities is due to the rising price of related tokens, Unibot (UNIBOT), which acts as a governance token on Telegram bots, added. up as much as 400% at the end of July It hit a record high of $199 on July 28.
UNIBOT is the main contributor of recent activity on Telegram trading bots, with tokens reportedly representing over 77% of the market in terms of market cap.
“however We should see continued improvement. At least in the near future. Because there are different projects competing for this market share,” said Chua.
refer : cointelegraph
picture en.cryptonomist
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