Telegram Bot tokens have emerged as one of the hottest topics across the crypto sphere in recent weeks. On-chain analysis examines the correlation between the upturn in social sentiment surrounding the TON coin and the growing popularity of Telegram-affiliated Bot tokens.
The Telegram instant messaging platform has remained a staple among crypto enthusiasts, having explored blockchain technology in the past. Toncoin was initially founded under “Telegram Open Network” (TON). But after facing legal challenges, the name was eventually jettisoned for “The Open Network” in 2020.
The Rise of Telegram Bot Tokens
Three years later, Telegram-related cryptocurrencies like UNIBOT, Moonbot (MBOT) AIMBOT, and other tokens powered by Artificial Intelligence have moved to actualize that vision.
Interacting with Telegram’s API, the bot tokens allow users to automate critical DeFi functions. Such as trading on decentralized exchanges (DEXs), wallet management, yield farming, token sniping, and more.
On-chain data analysis explores the correlation between the recent Toncoin price rally and the Telegram-bot tokens’ rise to prominence.
TONCOIN Attracts Media Attention
Toncoin (TON) is the native token that underpins “The Open Network.” It is mainly used for network operations, transactions, games, and pay for collectibles built on the blockchain network.
On-chain data shows that TON has attracted significant attention from investors, particularly over the last three months. The Santiment chart below shows that the TON Social Dominance witnessed a noticeable spike around June 2023.
Since June 7, TON Social Dominance has increased nearly ten-fold from 0.05% to 0.42% as of Sept 3.
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Author: Ibrahim Ajibade
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