- UNIBOT outperformed all of the top cryptocurrencies, while social volume also increased.
- A research paper opined that bot tokens can continue to be relevant.
Certain players emerged as influential drivers of trends and sentiment as the broader market remained silent for most of July. One of the sectors that flourished was Telegram bots, with tokens such as UniBot and LootBot emerging on the scene and gaining market attention.
How many Worth 1.10.100 UNIBOTs today?
The crash season is blooming
The rise of Bitcoin [BTC] did not fade the story controlled by UniBot. According to CoinMarketCap, UNIBOT gained 21.15% in the last 24 hours, far more than any cryptocurrency in the top 10.
Just like UNIBOT, LOOT also gained a whopping 24.88% in the same period. The rise of Unibot and Lootbot can be linked to the increasing adoption of automated trading algorithms by traders using their smartphones.
As a result of the traction, the market capitalization of both projects increased. But UNIBOT was notable as its market cap rose to $179.75 million. The increase in market capitalization suggests how UNIBOT has benefited from increased liquidity and a price increase.
Furthermore, the trading volume also remained at a fairly high level. At the time of writing, UNIBOT’s trading volume was $15.17 million. Rising prices with increasing volumes indicate increased momentum and the potential for further price increases.
In addition to the increase in volume, on chain data also showed that the social volume of the bot has increased. Social Volume is built on data from social interaction platforms.
Source: Sentiment
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. The rise in UNIBOT’s social volume thus implies that the asset had a high level of hype.
No plans to go back?
Even as Bitcoin tries to regain a foothold, the hype around UNIBOT may not die down any time soon. Earlier this month, Binance released a research paper on Telegram bots.
Realistic or not, here it is UNIBOT’s market capitalization in BTC terms
According to the exchange’s research department, projects centered around bots could see more adoption in the future, despite being in the early stages. The report noted,
“It is too early to gauge organic demand as much of the current activity is driven by skyrocketing token prices. Nevertheless, we are likely to see further developments, at least in the near future, as projects compete for market share. ”
One of the reasons why Binance believed 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 remain the same for months to come.
Source: Binance Research