Bots Fuel Memecoin Frenzy on Pump.fun and LetsBonk

Coinbase's Conor Grogan has revealed that automated bots are likely behind most tokens launched on Pump.fun and LetsBonk, with the top accounts launching an average of one new token every 3 minutes. LetsBonk has generated $1.23 million in revenue in the past day, nearly double Pump.fun's revenue, but the total market value of memecoins has dropped 2.6% to $54.7 billion.

In recent developments, Coinbase's Conor Grogan has revealed that automated bots are likely behind most tokens launched on Pump.fun and LetsBonk. According to Grogan, the top accounts on these platforms are launching an average of one new token every three minutes [1]. This revelation highlights the increasing role of automation in the memecoin sector.

LetsBonk, a Solana launchpad, has generated $1.23 million in revenue over the past day, nearly doubling Pump.fun's revenue of $616,512 [2]. This surge in daily revenue for LetsBonk is notable, especially given the recent market fluctuations. The total market value of memecoins has dropped by 2.6% to $54.7 billion [3]. Despite this, LetsBonk's market share in daily token launches has grown significantly, reaching 58.5% on Sunday [4].

The rise in automation and the increasing revenue generated by LetsBonk suggest a shift in the dynamics of the memecoin market. However, it is essential to consider the risks associated with memecoins, which are often high-risk assets. The success of these platforms may not be indicative of broader market trends or the long-term viability of individual tokens.

References:
[1] https://www.cryptoninjas.net/news/snorter-token-presale-raises-1-45m-offering-an-automated-trading-bot-for-experienced-crypto-users/
[2] https://cointelegraph.com/news/letsbonk-surpasses-pumpfun-daily-revenue-defillama
[3] https://decrypt.co/news-explorer?pinned=1088270&title=letsbonk-surpasses-pumpfun-in-daily-token-debuts-gaining-a-market-share-of-585
[4] https://decrypt.co/news-explorer?pinned=1088270&title=letsbonk-surpasses-pumpfun-in-daily-token-debuts-gaining-a-market-share-of-585