Automated bots are likely responsible for the majority of token launches on memecoin platforms Pump.fun and LetsBonk, according to a Coinbase executive.
“The great majority of tokens launched on PumpFun and LetsBonk are today run by bots,” Conor Grogan, Coinbase’s head of product, said in a post on X on Monday.
Grogan also shared a chart indicating that the top accounts on LetsBonk had launched, on average, one new token every three minutes over the past day.
LetsBonk, a Solana-based token creation platform launched in late April, has quickly gained popularity as a rival to Pump.fun. Its rapid rise is largely driven by its integration with Bonk (BONK), a related token that offers user rewards — a feature Pump.fun has yet to introduce.
Over a Dozen Wallets Behind the Launch of Thousands of Memecoins
According to Grogan’s chart, 13 wallets have collectively launched 4,281 tokens within the past 24 hours.
Data from Dune Analytics reveals that the all-time leading token creator on the platform has launched 4,669 tokens in total. The second most active creator has produced just under 2,400 tokens, but currently holds the record for the most launches in a single day — nearly 500 tokens in the past 24 hours.
Despite the high volume of launches, only 37 tokens from these top two accounts have successfully “graduated.” The wallet named “BwaV” leads among the top 25 token creators, with 30 graduated tokens.
A token is considered “graduated” when it generates sufficient trading volume to move beyond its initial launch platform, such as LetsBonk, and gets listed on a decentralized exchange — increasing its visibility and reach.
LetsBonk Surpasses Pump.fun in Memecoin Activity
LetsBonk has overtaken Pump.fun in both revenue and token launches over the past 24 hours.
According to DeFiLlama, LetsBonk pulled in $1.23 million in revenue during that period—more than double Pump.fun’s $520,400.
The platform also led in token deployment, with over 22,000 new tokens launched on LetsBonk compared to just over 9,800 on Pump.fun, based on data from Dune.
Memecoin Market Share Keeps Declining
Despite activity on creation platforms, the overall value of memecoins continues to decline as traders move away from the speculative space.
According to CoinMarketCap, the memecoin market capitalization fell by 2.6% over the past 24 hours, dropping to $54.7 billion.
This decline extends a broader downtrend the memecoin sector has faced since reaching its peak market value of $127.3 billion in December — nearly a year after Pump.fun launched in January 2024. The surge at that time coincided with a broader crypto market rally that boosted the platform’s popularity.
