Telegram bot tokens have become one of the hottest topics in crypto over the past few weeks. The on-chain analysis explores the connection between the uptick in social sentiment surrounding the TON coin and the growing popularity of Telegram-connected bot tokens.
Instant messaging platform Telegram continues to be a staple among crypto enthusiasts due to its past dabbling with blockchain technology. Toncoin was originally founded under “Telegram Open Network” (TON). However, after legal challenges, the name was finally abandoned in 2020 in favor of The Open Network.
The Rise of Telegram Bot Tokens
Three years later, Telegram-related cryptocurrencies like UNIBOT, Moonbot (MBOT) AIMBOT and other artificial intelligence-based tokens have started to realize this vision.
By interacting with Telegram’s API, the bot tokens allow users to automate key DeFi functions. For example trading on decentralized exchanges (DEXs), wallet management, yield farming, token sniping and more.
On-chain data analysis examines the connection between the recent Toncoin price rally and the rise of Telegram bot tokens.
Toncoin (TON) is the native token that underlies The Open Network. It is mainly used for network operations, transactions, gaming and payment for collectibles based on the blockchain network.
On-chain data shows that TON has attracted a lot of attention from investors, especially in the last three months. The Santiment chart below shows that TON Social Dominance saw a noticeable increase around June 2023.
Since June 7th, TON’s social dominance has increased nearly tenfold, from 0.05% to 0.42% on September 3rd.
Telegram bots are gaining ground | Toncoin (TON) Price vs Social Volume | Source: Santiment
Social Dominance measures the percentage of social media mentions a cryptocurrency attracts in relation to the 50 most discussed projects. The surge observed above shows that Toncoin has attracted a significantly higher share of media discussion over the past three months.
This intense investor attention has helped push TON’s price up 38% from its recent low of $1.2 recorded on Aug. 6.
But interestingly, the Toncoin craze seems to have thrown the spotlight on Telegram bot tokens as well. This underscores the TON Network’s historic connection to the instant messaging giant.
Telegram bot tokens show a close correlation with Toncoin price action
Although there are different use cases, the price development of several Telegram-associated bot tokens over the past few weeks has been closely correlated with TON performance.
According to Coingecko, UNIBOT is currently the top-rated Telegram bot token in terms of trading volume and market cap. Among other features, DeFi allows users to buy and sell tokens on Uniswap V3 directly from their Telegram apps. Between July 31st and September 3rd, Unibot delivered a stunning price performance of 115%. It jumped from $115 to its all-time high of nearly $240 before turning into its recent downtrend.
Similarly, MoonBOT (MBOT) — an advanced and customizable Telegram trading bot that runs automated transactions — has also gained significant traction. Between August 4th and September 3rd, the price surged an impressive 125%, rocketing from $2.4 to $6.12.
Telegram bots are gaining ground | TON, MBOT, UNIBOT price rally | Source: Santiment
The global cryptocurrency market value has shrunk by almost 10% since August 1st. Meanwhile, these Telegram-linked tokens have seen at least double-digit gains over this period. This correlation points to the possible development of another emerging sector within the crypto market.
It is also important to note that these bot tokens are not yet listed on mainstream exchanges. As such, fear of missing out (FOMO) could still be growing among strategic investors looking to anticipate potential gains from exchange listings like Binance and Coinbase.
Disclaimer
In accordance with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, however, market conditions are subject to change without notice. Always do your own research and consult a professional before making any financial decisions.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.