Binance Research, the research arm of Binance, the world’s largest cryptocurrency exchange, has published a comprehensive report on Telegram bots and the altcoins associated with them.
In the report titled “Telegram Bots: Discover the Landscape,” Binance Research highlights the significant interest in Telegram bots due to the rising token prices, media coverage, and the attention of influential figures in recent weeks.
For those unfamiliar, Telegram bots are designed to provide users with access to multiple features such as trading, precise transactions, AirDrop farming, and more, allowing cryptocurrency users to easily perform their activities through their mobile devices in a user-friendly manner. According to the report, the cumulative total volume of transactions facilitated by Telegram bots has exceeded $190 million, reaching a record daily trading volume of $10 million on July 23, 2023.
The report also discusses the revenue model of Telegram bots, which includes transaction fees from users and, in some cases, a purchase or sale tax for transactions involving a bot’s altcoin. According to the report, the total revenue generated by Telegram bots has surpassed $28.7 million.
According to Binance Research, it is still too early to measure the organic demand for Telegram bots, as most of the current activity is driven by rapidly rising token prices. Furthermore, as projects compete to increase their market share, developments in this field will continue at least in the short term.
Currently, there are numerous Telegram bots, and the increasing interest in this field, as highlighted by Binance’s research division, is leading to a rapid growth in the number of bots in this space.
While the report neither endorses nor recommends any specific Telegram bot, users are advised to conduct their own due diligence before using any Telegram bot.