Crypto trading bots are taking over Telegram
A new generation of trading bots, built mainly by anonymous developers, have become favourites among traders seeking to gain access to the wild west of cryptocurrencies: decentralised finance. Their popularity has escalated recently as altcoins have rallied sharply. Tokens tied to automated software programs have more than doubled in market value in just a week to exceed US$241-million, according to CoinGecko data.
Just like everything that sounds too good to be true, the bot craze involves a huge compromise for users. In this case, it’s the risk of yet another rug-pull or hack. But the upside is that the bots allow retail traders to execute manoeuvres — like front-running other users — that previously only sophisticated investors could do.
Unibot alone has gained more than 6 000 unique users, according to data compiled by Dune Analytics user whale_hunter. The bot has generated revenue worth a total 3 715 ether, or $7-million, in just two months. “At the end of the day, you are starting a business and you would need to make money,” Yang said. “This is something we can build in a month and it’s something people want to use, which is rare in crypto.”
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