Bots dominate token launches on Pump.fun and LetsBonk, says Coinbase exec

The explosive growth of memecoin creation platforms like Pump.fun and LetsBonk may be fueled largely by bots rather than genuine users, according to new data shared by a top Coinbase executive.

Conor Grogan, head of product at the U.S. crypto exchange, revealed that a handful of automated wallets are responsible for the majority of tokens launched on these platforms, calling into question the sustainability of the memecoin frenzy.

Bots flood platforms with thousands of low-quality tokens

Conor Grogan’s analysis shows that just 13 wallets have launched over 4,200 tokens on LetsBonk in a single day, an average of one new token every three minutes.

“The great majority of tokens launched on Pump.fun and LetsBonk are today run by bots,” Grogan stated in a post on X.

His findings, backed by Dune Analytics data, reveal that the top creator on LetsBonk has deployed 4,669 tokens since the platform’s April launch, with only 37 ever “graduating” to decentralized exchanges.

A graduated token is one that gains enough trading volume to list on a broader market, suggesting that most bot-generated tokens fail to gain traction.

LetsBonk overtakes Pump.fun in revenue and token volume

Despite concerns over bot activity, LetsBonk has quickly become a dominant player in the memecoin space. Over the past 24 hours, it generated $1.23 million in revenue—more than double Pump.fun’s $520,400.

The Solana-based platform also outpaced its rival in new token launches, with over 22,000 tokens deployed compared to Pump.fun’s 9,800. LetsBonk’s rapid rise has been partly attributed to its native token, Bonk (BONK), which offers rewards—a feature Pump.fun has yet to implement.

However, the sheer volume of tokens raises red flags. “When a single wallet can launch 500 tokens in a day, it’s clear that the system is being gamed,” said a blockchain analyst who requested anonymity due to ongoing research.

Memecoin market declines as speculative hype fades

While Pump.fun and LetsBonk continue to attract bot-driven activity, the broader memecoin market is losing steam. Total memecoin market capitalization fell 2.6% to $54.7 billion in the past day, continuing a downward trend from its December 2023 peak of $127.3 billion.

The decline suggests that traders are shifting away from highly speculative assets, even as platforms enable near-instant token creation. “The novelty of memecoins is wearing off, and investors are becoming more selective,” noted Maria Shen, partner at Electric Capital.