As Bitcoin leads market recovery, Telegram bots get their time to shine
- UNIBOT outperformed all of the top cryptocurrencies while the social volume also increased.
- A research paper opined that bot tokens may continue to be relevant.
Certain players emerged as influential drivers of trends and sentiments as the broader market went quiet for most of July. One of the sectors that thrived was Telegram bots, with tokens like UniBot and LootBot rising to the stage and gaining market attention.
How much are 1,10,100 UNIBOTs worth today?
Bots’ season to flourish
The rise of Bitcoin [BTC] did not fizzle out the narrative controlled by UniBot. According to CoinMarketCap, UNIBOT gained 21.15% in the last 24 hours, much more than any cryptocurrency in the top 10.
Like UNIBOT, LOOT also gained as high as 24.88% within the same period. The rise of Unibot and Lootbot could be linked to the increasing adoption of automated trading algorithms by traders who use their smartphones.
As a result of the traction, the market capitalization of both projects increased. But UNIBOT has been noteworthy as its market cap rose to $179.75 million. The hike in market cap suggests how UNIBOT has been a beneficiary of increased liquidity and an increase in price.
Furthermore, the trading volume also maintained a considerable height level. At press time, UNIBOT’s trading volume was $15.17 million. Rising prices on rising volumes indicate increased momentum and the potential for prices to surge further.
Besides the increase in volume, on-chain data also showed that the bot’s social volume has been increasing. Social volume is built on top of data from social interaction platforms.
When the metric increases, it means that the number of search terms for the asset is increasing. Conversely, the opposite happens when the metric decreases. So, the hike in UNIBOT’s social volume implies that the asset had a high level of hype.
No plans to backtrack?
Even as Bitcoin seeks to regain its footing, the hype around UNIBOT may not subside anytime soon. Earlier in the month, Binance released a research paper on Telegram bots.
Realistic or not, here’s UNIBOT’s market cap in BTC terms
According to the research arm of the exchange, projects around bots could experience increased adoption in the future despite being in their early stages. The report noted,
“It is too early to gauge organic demand, as much of the current activity has been driven by skyrocketing token prices. Nonetheless, we will likely see continued developments, at least in the near future, as projects compete for market share.”
One reason Binance opined this was because of the increase in online searches for tokens. In the report, Binance revealed that Google searches for UNIBOT increased significantly in July. It may continue to remain the same in the coming months.