July 20, 2023 at 11:34 GMTModified date: August 11, 2023 at 16:27 GMT
July 20, 2023 at 11:34 GMT

Unibot rises by 50% as telegram bots gain traders

Launched in May this year, $UNIBOT has gained a cult following, especially after its recent price rise, which saw it going up by over 50% since last week.

A bot. Pic: Unsplash

Telegram-based trading bot tokens have been gaining increasing attention from crypto traders. The Unibot ($UNIBOT) token, in particular, is attracting investors, claiming new all-time highs (ATHs) in several of its metrics.

Launched in May this year, $UNIBOT has gained a cult following, especially after its recent price rise, which saw it going up by over 50% since last week. During this time, the team also reported a steady spike in user growth. Its official Twitter account posted a screenshot of Dune Analytics data, showing the same.

Telegram bots allow users to punt on tokens in the same way as they would send messages to each other on the messaging app. Unibot users have traded $54million worth of tokens using the application. They have also received nearly $1m in revenue from the platform.

Rewards are proportional to the amount of tokens held. Holders receive 40% of transaction fees and 1% of total $UNIBOT traded volume. It is then calculated in two-hour intervals and claimable after 24 hours. However, transferring more than 200 tokens between every two-hour interval will result in forfeit of your revenue share. A user must hold 50 $UNIBOT tokens to be eligible for the same.

A tweet posted by crypto opinion writer @gem_detecter talked about $UNIBOT’s daily profit would be attracting the whales to buy in.

Tokens like Unibot are way easier to use compared to a decentralised exchange, such as Uniswap. In the latter, users have to put quite a lot of effort in making their trades. This includes continually logging in to their wallet, cross-checking if all token information is correct, and encountering high fees to ensure their trades go through.

Traders feel that due to substandard UX, trading on-chain becomes a difficult task. On the other hand, Unibot allows users to easily market buy or sell with just one telegram command, wrote popular Crypto Twitter trader @blknoiz06. Another advantage in trading directly through telegram is how it facilitates fast swaps and scalps.

Unibot’s official website boasts itself as being “6x faster than trading on Uniswap”. With a total trading volume of over $58m, it has $919,124 revenue share distributed. $UNIBOT achieved an all-time high of $84.83 on 20 July 2023 before lowering to $79.97, at the time of press. The token has a market capitalisation of around $79m.

Other telegram-based tokens have also been an appeal for traders. This includes newer ones such as Wagiebot ($WAGIEBOT), 0xSniper ($0XS), Bridge ($BRIDGE) and Bolt ($BOLT). Following $UNIBOT’s path in price rise, they all have climbed as much as 500% in the past 24 hours.

Another reason for attraction for these tokens is how they would have higher and more lucrative returns for traders as it grows because the total market capitalisation for this novel sector remains under $100m.