Crypto Traders Flock to Unibot as Telegram Bot Tokens Near $100M Market Cap

Telegram-based trading bots are quickly attracting scores of crypto traders, allowing their users to punt on tokens just as easily as they would send messages to each other on the popular messaging app.

The leader of the pack seems to be Unibot (UNIBOT), which launched in May and has briskly gained a cult following. UNIBOT tokens have risen over 54% over the past week, and the team has reported a steady spike in user growth, according to Dune Analytics data.

Data shows Unibot users have traded $54 million worth of tokens using the application, with the platform distributing nearly $1 million in revenue back to users. These rewards are proportional to the number of tokens held with holders receiving 40% of transaction fees and 1% of UNIBOT's total trading volume.

The appeal for such products is likely due to the ease of usage compared to a decentralized exchange, such as Uniswap, where users have to continually log in to their wallet, cross-check if all token information is correct, and encounter high fees to ensure their trades go through.

“Main problem w/ trading on-chain is terrible UX, unibot allows you to easily market buy/sell w/ 1 telegram command,” writes popular Crypto Twitter trader @blknoiz06. “Trading directly through telegram is great for fast swaps, scalps, etc,” explains @0xKawz, another trader.

Meanwhile, newer tokens such as Wagiebot (WAGIEBOT), 0xSniper (0XS), Bridge (BRIDGE) and Bolt (BOLT) have jumped as much as 500% in the past 24 hours as traders look to capitalize on these tokens emulating Unibot’s growth.

As such, the total market capitalization for this niche sector remains under $100 million, CoinGecko data shows, which may point to higher and more lucrative returns for traders as it grows.