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In a groundbreaking report by Binance Research, the realm of crypto trading via Telegram bots achieved an extraordinary milestone in July, with daily trade volumes surging to an unprecedented $10 million.
This novel avenue for engaging with cryptocurrency markets and related services has been steadily gaining traction, offering users diverse opportunities in the dynamic world of digital assets.
As per Binance Research’s insights, the cumulative crypto trading volume linked to Telegram bots had exceeded a remarkable $190 million by early August 2023.
Accompanying this surge, user metrics experienced an all-time high in July, surpassing 6,000 daily unique users.
Significantly, the collective revenue amassed by Telegram bots has crossed the threshold of 15,500 Ether, approximately equating to $28 million, a noteworthy milestone reported by analyst Jie Xuan Chua.
According to Chua:
“By offering users a relatively seamless way to execute transactions, bots have the potential to carve out their own niche in the crypto ecosystem.”
Comparable to conventional Telegram bots, cryptocurrency-enabled counterparts empower users to interact with specific programs by sending messages through the Telegram messenger platform. These bots often integrate with decentralized or peer-to-peer cryptocurrency exchanges, enabling users to execute trades using chatbot commands.
Chua anticipates that Telegram bots might seamlessly integrate into the cryptocurrency ecosystem, providing a versatile range of crypto services encompassing trading, airdrop farming, and automated token activities such as sniping.
While Chua cautions against drawing conclusions about the longevity of recent trends in Telegram bot-enabled crypto activity, he anticipates ongoing developments as projects vie for market dominance.
However, users must be vigilant about the associated risks, including security concerns tied to assets and smart contracts, he emphasizes.