New York, USA, 24th January, Chainwire – Within 72 hours of its presale launch on the 17th of January, Bitbot raised an incredible $300,000.
Bitbot aims to lead the market for Telegram trading bots, a rapidly growing segment of the trading app market that has seen a considerable $7 billion in lifetime trading volume.
Telegram trading bots let traders manage a cryptocurrency trading portfolio within Telegram’s app. In practice, this means those investors with heavy telegram usage, which of the 800 million active Telegram users is substantial, no longer need to operate across two applications to manage their trades: an exchange and the Telegram app. Furthermore, Telegram trading bots offer all of the automated trading features seen in exchange apps, bringing the best of two worlds together into one seamless package.
Bitbot’s Technical Product Advisor, Andrew Jacobs, commented:
“As we experience a pivotal point in Web3’s evolution, I’m happy to announce Bitbot’s launch. Our mission is to equip retail traders with powerful institution-grade tools in a simple and intuitive trading interface that is backed by robust security. We have a great team and I am looking forward to driving the product’s evolution and meeting the Bitbot community on our regular AMAs, which will be announced on our social channels throughout the presale.”
The Bitbot team is looking to act quickly with a comparatively small $4.3 million raise target, predicting a rapid presale, with prices starting at $0.0100 and ending at $0.0200, potentially offering 100% gains for the early investors prior to the project listing. An additional incentive is the attractive proposition that Bitbot token holders will receive up to 50% of Bitbot’s trading fees distributed as a percentage of their holdings once it launches this year.
Bitbot (BITBOT) is available to buy on the official site.
Bitbot's push for mass market adoption
Telegram trading bots enhance convenience by enabling users to execute the entire trading process within Telegram, the preferred messaging platform for crypto, bypassing the frequently convoluted user experience associated with exchanges.
Whilst trading volumes on Telegram trading bots have been impressive, it’s obvious that there is still a majority share left in the pie currently dominated by traditional cryptocurrency exchanges. Even Bitspay, consistently ranked among the top 70 exchanges on CMC, has a volume similar to that of all the Telegram trading bots combined. The sheer scale of the opportunity becomes evident in terms of the potential market share, and it’s this kind of potential that’s driving the product and development team and Bitbot to deliver a product suitable for mass adoption.
This is arguably one of the issues with Bitbot’s competitors. Telegram trading bots can be stubbornly complex, with many relying on user commands to operate them. Furthermore, a number of security issues have plagued even the biggest players in the market, leaving a sour taste for some but a potentially very sweet upside for the Bitbot brand.
Bitbot takes both of these issues head-on. Firstly, it gets rid of the need for complex commands by offering an intuitive in-app interface that will be immediately recognisable to exchange users.
Secondly, it offers non-custodial trading, meaning users can integrate Bitbot with their cold wallets and eliminate the uncomfortable need to give up their private keys for the bot’s powerful automated trading features to kick in. This is supported by the brand’s partnership with secure custody technology developer Knightsafe, and is thus far an unprecedented offering in the Telegram trading bot market, a truly unique and innovative approach focusing on institutional-grade asset security.
The bot offers a myriad of advanced features that will appeal to both beginner and advanced traders, from copy trading to automated sniping.
Tokenomics and presale roadmap
As per the project's whitepaper, the Bitbot presale will run through Q1 and see the project list on exchanges in Q2 (unless the presale sells out early, which is possible at the current trajectory).
Allocation details include 30% reserved for the presale, 20% for the development team, 14% earmarked for marketing, 3% for liquidity, 2.3% available to the community (comprising rewards and airdrops), and 10% allocated to a treasury.
The 20% designated for the development team will undergo a 1-year vesting period, ensuring long-term commitment from the team.
Bitbot's impressive journey in the crypto market
Unibot and Banana Gun, competing trading bots, swiftly gained prominence, with Unibot's token price passing $230 in just three months of launch. Investors in Unibot's presale reportedly saw gains of around 200x, according to a recent CoinDesk article.
Bitbot hopes to follow in their footsteps and its impressive raise has been aided by its community, which rapidly grew over 90K followers on X and over 5100 members on its Telegram within a week of the presale’s announcement. The project is now already in Stage 2, with the token priced at $0.011 and only 9,200,000 tokens left before the price increases by 5% for Stage 3.
Bitbot hopes to attract presale investors on the heels of the recent Bitcoin ETF acceptance and increased trading activity in the cryptocurrency market. This has drawn a significant social following and been picked up by notable crypto publications like Invezz who have already listed Bitbot among their top cryptos for 2024.
About Bitbot
Bitbot is a new Telegram trading bot that aims to put institutional-grade trading tools in the hands of retail users, to enable them to trade using a variety of advanced features including sniping and copy trading.
Audited by Solid Proof, Bitbot focuses on security and follows the motto, “your keys, your assets.” To this end the project has partnered with Knightsafe to deliver the world’s first non-custodial telegram trading bot, mitigating against counterparty risk and reinforcing this with anti-MEV and anti-rug technology.
For more information and to buy Bitbot (BITBOT) users can visit Bitbot's website.
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