The crypto market is witnessing a new trend of Telegram Bot tokens, which are used to automate and execute trades on decentralized exchanges. According to a report by Binance Research, these tokens have a combined market capitalization of over $93 million and have attracted many users with their customizable and user-friendly features.
Telegram Bot tokens are essentially smart contracts that connect to users’ wallets and allow them to trade on various decentralized exchanges, such as Uniswap, SushiSwap, or PancakeSwap, by using simple commands on Telegram. Users can also access various functions, such as stop loss, take profit, anti-rug, copy trading, and sniping, depending on the bot they use.
Some of the most popular Telegram Bot tokens are Unibot, LootBot, WagieBot, FarmerFrens, and Scarab Tools. Unibot is the largest and oldest bot token, with a market cap of over $129 million. It claims to offer the fastest and most secure trading experience on Uniswap. LootBot is the second-largest bot token, with a market cap of over $24 million. It offers a unique feature of loot boxes, which are random rewards that users can claim by holding the token. WagieBot is the third-largest bot token, with a market cap of over $18 million. It focuses on providing social trading and gamification features to its users. FarmerFrens is the fourth-largest bot token, with a market cap of over $15 million. It aims to help users farm yield on various platforms, such as Aave, Compound, or Curve. Scarab Tools is the fifth-largest bot token, with a market cap of over $6 million. It offers a suite of tools for traders, such as price alerts, arbitrage opportunities, and liquidity analysis.
The report by Binance Research also highlights some of the challenges and risks associated with Telegram Bot tokens, such as security breaches, regulatory uncertainty, technical glitches, and market volatility. Users should be careful when using these tokens and always do their own research before trusting any bot.