Automated bots are likely behind most tokens that launch on the memecoin creation tools Pump.fun and LetsBonk, says an executive at crypto exchange Coinbase.
“The great majority of tokens launched on PumpFun and LetsBonk are today run by bots,” Coinbase head of product Conor Grogan posted to X on Monday.
He shared a chart with data showing that the top accounts on LetsBonk had, on average over the last day, launched “one new token every 3 minutes.”
LetsBonk is a Solana-based token creation platform that launched in late April as a rival to Pump.fun and has quickly become a popular alternative due to having a related token, Bonk (BONK), that offers rewards — a product that Pump.fun is yet to launch.
Over a dozen wallets launch thousands of memecoins
Grogan’s chart shows that the 13 wallets have launched a total of 4,281 tokens in the past 24 hours.
Data on Dune Analytics shows that the all-time top token creator on the platform has launched 4,669 tokens.
The second biggest token creator has launched just under 2,400 tokens, but was the top creator wallet over the last 24 hours, launching nearly 500 tokens in one day.
The number of tokens from these top two accounts that have so-called “graduated” is just 37, with the “BwaV” wallet having 30 graduated tokens — the most out of the top 25 token-creating accounts.
A graduated token is when a newly-launched memecoin sees enough trading volume for it to “graduate” from a platform like LetsBonk and list on a decentralized exchange, exposing it to a larger audience.
LetsBonk outpaces Pump.fun
LetsBonk has beaten Pump.fun in revenue and in the number of tokens deployed over the last 24 hours.
DefiLlama shows that LetsBonk generated $1.23 million in revenue in the past day, nearly double Pump.fun’s revenue of around $520,400.
LetsBonk has also beaten Pump.fun on the number of tokens deployed, with the platform seeing over 22,000 tokens launched compared to just over 9,800 on Pump.fun on Monday, according to Dune data.
Memecoin market share continues drop
However, the total market value of memecoins has continued to drop over the last day as traders continue to shift focus away from the highly speculative sector.
The market capitalization of memecoins dropped 2.6% to $54.7 billion over the last day, according to CoinMarketCap.
It continues a general decline the segment has seen since hitting a peak value of $127.3 billion in December, nearly a year after Pump.fun launched in January 2024. It was at the peak of its popularity amid a wider market boom at the time.
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