Automated bots may be launching most tokens on Pump.fun and LetsBonk, as suggested by Coinbase product lead Conor Grogan. Recent data reveals these tools facilitate the constant creation of new tokens.
Grogan shared on Monday that accounts on LetsBonk have been launching approximately one new token every three minutes on average.
LetsBonk, a Solana-based platform rivaling Pump.fun, became popular by offering BONK token rewards. In contrast, Pump.fun has yet to release a similar offering.
Thousands of memecoins launched from few wallets
Data shows top LetsBonk accounts produced over 4,280 tokens in the past day. Stats from Dune Analytics indicate the main token creator has deployed 4,669 tokens in total.
The second-largest creator has nearly launched 500 tokens in a day, outpacing others with a total of 2,400 tokens. However, only 37 tokens have ‘graduated’ to broader exchange platforms.
LetsBonk takes lead over Pump.fun
Over the past day, LetsBonk outperformed Pump.fun in both revenue and token deployment, generating $1.23 million compared to Pump.fun’s $520,400.
Memecoin market faces decline
Despite this activity, the overall memecoin market value saw a reduction by 2.6% to $54.7 billion, signaling a shift in trader interest.
The market has seen a gradual dip since its peak of $127.3 billion in December, driven initially by Pump.fun’s launch amid broader market enthusiasm.
