A new player has emerged in the constantly evolving cryptocurrency market: Telegram bot coins. These crypto assets, used within Telegram’s ecosystem, are leveraged to facilitate automated trades for users on decentralized exchange (dex) platforms. These distinctive crypto assets have turned into a growing economy worth $138 million.
Crypto’s Newest Sector: Telegram Bot Coin Economy Swells to $138 Million
The evolution of the cryptocurrency landscape is a spectacle, consistently enriched by an array of inventive projects. Notably, Telegram bot coins have created interest among crypto investors. They are a type of cryptocurrency used within the Telegram ecosystem, serving as automated programs that facilitate trades for users on decentralized exchanges (dexs) and can implement yield farming strategies.
Fundamentally, these coins empower users by facilitating token trades through Telegram, all in an uncomplicated, chat-like environment. The leading Telegram bot coin in terms of market valuation today is unibot (UNIBOT), boasting a market cap of $117 million. Unibot’s market cap represents more than 84% of the total Telegram bot coin economy. Below unibot, seven additional Telegram bot coins each hold a market cap of $1 million or more.
The second largest, mevfree (MEVFREE), has a valuation of around $5.7 million. Of the 36 Telegram bot tokens listed on coingecko.com, the crypto assets have tallied $32.40 million in global trade volume in the past 24 hours. On coingecko.com, the unibot (UNIBOT) listing carries two warnings. One indicates the project’s migration to a new contract while the second cautions about a variable tax function on the smart contract. “Do your own research and be careful if you are trading this token,” the warning on coingecko.com advises.
With a circulating supply of 1 million unibot tokens, etherscan.io shows a count of 4,122 token holders. The top ten unibot wallet holders control 16.40% of the total supply. The top 50 holders possess 42.58% of the 1 million unibot coins, and the top 100 addresses control 56.55% of the supply. In comparison, the second-largest Telegram bot coin, mevfree, has fewer holders with 961 wallets as of July 24.
The top ten mevfree holders govern 43.58% of the total supply, amounting to 52,689,548 mevfree. The coin’s top 100 wallets encompass 80.52% of the supply. Alongside the inherent volatility of Telegram bot tokens, they feature a pronounced concentration among sizable holders.