According to Blockworks, Telegram trading bot Banana Gun has recorded daily trading volumes of over $16 million. These bots, designed by developers, enable users to easily trade meme coins, farm airdrops, and bridge tokens by interacting with a simplified protocol or interface. However, this comes with the tradeoff of increased custody risk. Data from Dune Analytics reveals that Banana Gun has a seven-day average trading volume of $9 million, rivaling several popular decentralized exchanges. The trading bot has approximately 19,000 trades per day among 3,000 daily active users and has attracted nearly 46,000 lifetime users since its launch in June, with a lifetime trading volume of $589 million.
Blockworks research analyst Ren Yu Kong notes that Telegram bots have seen sustained usage, with cumulative trading volume surpassing $4 billion on November 13. Banana Gun has been a 'notable outlier,' with its volume market share increasing steadily from around 20% three months ago to about 35% today. Recently, many Telegram bots have engaged in a features war, with Unibot's upgrade of Unibot X to a standalone trading terminal being the latest development. Banana Gun offers features such as auto sniper, rug-pull prevention, and sandwich trading protections.
Despite the popularity of Telegram bots, users should be aware of security concerns and other risks associated with these products. Last month, an estimated $60,000 worth of tokens were lost in a Unibot exploit after a newly deployed contract was compromised. Malicious actors could also use Telegram bots to execute phishing scams and expose user wallets.