Bot tokens for the popular messaging app Telegram are being increasingly adopted by cryptocurrency traders, with the largest and most well-known token in the category now approaching a market capitalization of $100 million.
Newly launched in May this year, Unibot, the leading project in the category, is now worth $80.2 million, after rising 400% in the last 30 days alone.
The rapid price gains have come along with a respectable increase in the number of users, with the project reporting new all-time highs in both the number of bot users and bot trading volume last week.
Like other Telegram bot tokens, Unibot allows traders to transact on decentralized exchanges (DEXs) like Uniswap directly with a simple command in Telegram.
This represents a huge simplification compared to the traditional way of doing things, where users would first have to go to the Uniswap website, connect their wallet, verify all the information, and then pay high transaction fees to complete the trade.
The way the bots work has been praised by community members on Twitter, with one user saying it’s a great way to trade fast trades and short-term transactions.
New category in CoinGecko and CMC
On crypto-tracking sites CoinMarketCap and CoinGecko, Telegram bot tokens have already been listed in their own category, with both sites listing UNIBOT at the top.
The move to establish a category for the new type of tokens on CoinGecko was announced by the website’s co-founder and COO Bobby Ong this week:
As of this writing, the combined market capitalization for the Telegram bot category has reached $96.3 million, with trading volume of more than $17 million in the last 24 hours, CoinGecko data shows.
