A report by the Binance research unit demonstrated that the Telegram bots will continue gaining traction. The research team observed that lately, the Telegram bot had increased the exposure to crypto markets and has a growing activity in several industries.
In the past few months, the researchers noted that crypto investors have utilized Telegram bots to complete daily activities. The potential surge in Telegram bot transaction activity reached $ 190 million at the beginning of August.
High Adoption of Telegram Bots
In the preceding month, the chatbot-powered crypto trading volume increased by $10 million.An analyst from Binance research Jie Xuan Chua observed that the Telegram bot’s daily trading volume increased to 6000. While over 15500 Ether, equivalent to $28 million, were transferred to Telegram bots.
The Binance analyst observed that Telegram had enabled users to send messages through the messenger platform. The revolutionary technologies linked to the Telegram bot enable users to issue commands and complete trade transactions.
Occasionally the bots are attached to peer-to-peer platforms to ease the sending and receiving messages.
Based on the Binance research report, Chua projects that the Telegram bots will significantly improve the crypto ecosystem. The analyst noted that bots provide users with a platform to complete multiple crypto activities. Mostly the Telegram bot has been used for trading, sniping, and airdrop farming.
In his finding, Chua stated that Telegram bots provide users with a distinctive platform for executing crypto-related transactions. He projects that the bots will create a new chatbot-powered segment in crypto in the coming days.
Benefits of Telegram Bots
The analyst highlighted that the Telegram bot was crucial in bringing more audiences to the crypto sector. At present, Telegram has around 800 million active users.
Besides the significance of the bots, the analyst believes that the changes in token prices of bot related tokens triggered the growth of Telegram. On July 28, the Unibot native token (UNIBOT) increased by 400%, reaching its all-time high of $199. This metric has inspired bot-oriented transactions to gain momentum.
As of this writing, UNIBOT owns 77% of the market capitalization of bot-powered tokens. The impressive market performance has sparked mixed thoughts among market analysts.
According to Chua, it remains unclear on whether the Telegram bot will maintain the same trends or take opposite direction. The analyst admitted that it was too early to predict the market performance of Telegram bots.
However, Chua remains optimistic that bots infrastruture will undergo further development in the future in the race to dominate a significant market share. In his conclusion remarks, the analyst urged the public to conduct studies before investing in Telegram bots.
Citing the market uncertainty, the analyst warned the investor to be vigilant when investing in digital assets due to potential risk. Chua mentioned that the bots are prone to smart contract vulnerability and loss of private keys. However, he advised the traders to invest a small portion of the assets to avoid such risks.