Telegram Bot Mania's Impact On Cryptocurrencies

Throughout July 2023, Telegram Bot tokens have been all the rage. Having started from a couple of bots that allowed traders to execute trades on decentralized exchanges (DEX’s), various bots have since popped up, from airdrop farming, to community management, and even bots that can bridge funds across chains.

What Telegram Bot Gave The Most Returns In July 2023?

The WagieBot (WAGIE) Telegram bot has given the highest returns in July, with a 6,762.2% return between its launch on July 10, to July 23. Having launched at $0.02 on July 10, it closed at $1.48 on July 22 . This was followed by LootBot (LOOT) which had gains of 2,806.0% between July 14, to July 23. At its peak on July 22, the airdrop farming token was up 3,593.6%, climbing from $0.03 to $1.16.

Existing Telegram Bot tokens also experienced significant gains during this mania, with BoltBot (BOLT) leading with a 1,387.1% increase between July 1, to July 23. Having started July at $0.23, BoltBot climbed to $2.40 by July 23. This was followed by Unibot (UNIBOT) with a 302.8% jump in price during the same period. Collab.Land (COLLAB) increased by 173.9%, from $0.005 to $0.013 in July. The community management token managed to hit 608.4% at its peak of $0.033 on July 20.

However, not all Telegram bot tokens experienced significant gains. Alfa.society (ALFA), started July at $0.003, and ended July 23 at $0.005. This represents a gain of 58.5%, significantly lower than the average gain of 1,915.1% experienced across the six tokens in the study.

What Is The Largest Telegram Bot Token?

Unibot is currently the largest Telegram Bot token, with a market cap of $140 million as of July 23. It has generated 3,135.92 ETH in revenue since its inception on May 17. Meanwhile, its closest competitor WagieBot, has managed to accumulate 397.98 ETH in revenue, and sits at a $9.6 million market cap.

Unibot also rose the most since inception, having traded at $0.80 on 17 May, and ending 23 July at $151.23, an astronomical gain of 18,804.4%.

How Did Telegram Bot Tokens Get Popular?

Telegram bot tokens gained popularity shortly after the launch of Unibot. The bot allows traders to execute trades on Uniswap, all from within a Telegram chat. Being one of the first few Telegram trading bots with a token, it has managed to become the go-to for cryptocurrency traders. After Unibot's successful launch, several other bots offering different functionalities appeared on Telegram. Additionally, some have even started to launch on Discord as well.

Methodology

The study examined the prices of six Telegram bot tokens, between June 1 and July 23. Tokens across various market capitalizations were selected from CoinGecko’s Telegram Bots category, namely Unibot, Lootbot, Collab.land, WagieBot, alfa.society, and BoltBot. Price data was obtained from GeckoTerminal.

If you use these insights, we would appreciate a link credit to this article on CoinGecko. A link credit allows us to keep supplying you with future data-led content that you may find useful.

Curious to know more about the impact of the SEC’s lawsuit on cryptocurrency prices? Check out our article covering the price returns of cryptocurrencies after Binance, and Coinbase were sued by the SEC!