Tokens associated with the widely-used messaging platform, Telegram, are gaining traction among cryptocurrency enthusiasts. The most prominent of these tokens is now approaching a market cap of $100 million.
Debuting just in May of this year, Unibot, the foremost token in this niche, has already reached a valuation of $80.2 million. Impressively, its value has surged by 400% in just the last month.
This significant price jump is complemented by a marked increase in user adoption. The project recently celebrated new record highs regarding both bot user count and trading volume via the bot.
Similar to other Telegram-based tokens, Unibot offers traders the convenience of executing trades on decentralized exchanges (DEXs) such as Uniswap, all through simple commands within the Telegram app.
This method offers a significantly streamlined experience compared to the conventional approach. Traditionally, users had to navigate to the Uniswap website, link their wallets, verify all details, and then bear hefty transaction fees to finalize the trade.
The functionality of these bots has garnered positive feedback from the online community, especially on platforms like Twitter. One user even lauded them as an excellent tool for swift exchanges and short-duration trades.
New category on CoinGecko and CMC
Popular crypto tracking platforms, CoinMarketCap and CoinGecko, have recognized the emergence of Telegram bot tokens by introducing a dedicated category for them. Notably, both platforms rank UNIBOT at the pinnacle of this category.
CoinGecko’s decision to earmark a category for these burgeoning tokens was communicated earlier this week by the site’s co-founder and COO, Bobby Ong.
As per the latest data from CoinGecko, the collective market capitalization of the Telegram bot tokens stands at an impressive $96.3 million. Furthermore, these tokens have seen a trading volume exceeding $17 million in just the last day.