Bots Launch 4,281 Tokens on LetsBonk in 24 Hours, Coinbase Executive Says

Automated bots are likely behind most tokens that launch on the memecoin creation tools Pump.fun and LetsBonk, according to an executive at crypto exchange Coinbase. Conor Grogan, the head of product at Coinbase, posted on X that "The great majority of tokens launched on PumpFun and LetsBonk are today run by bots."

Grogan shared a chart showing that the top accounts on LetsBonk had, on average over the last day, launched “one new token every 3 minutes.” This data highlights the rapid and automated nature of token creation on these platforms. LetsBonk, a Solana-based token creation platform, launched in late April as a rival to Pump.fun and has quickly gained popularity due to its related token, Bonk (BONK), which offers rewards—a feature that Pump.fun has yet to introduce.

Over a dozen wallets have been identified as launching thousands of memecoins. Grogan’s chart indicates that 13 wallets have launched a total of 4,281 tokens in the past 24 hours. Data from Dune Analytics reveals that the all-time top token creator on the platform has launched 4,669 tokens, while the second biggest token creator has launched just under 2,400 tokens, with nearly 500 tokens launched in one day. The number of tokens from these top two accounts that have "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 has outperformed Pump.fun in terms of revenue and the number of tokens deployed over the last 24 hours. According to DefiLlama, LetsBonk generated $1.23 million in revenue in the past day, nearly double Pump.fun’s revenue of around $520,400. Additionally, LetsBonk has seen over 22,000 tokens launched compared to just over 9,800 on Pump.fun on Monday, according to Dune data.

Despite the high activity on these platforms, the total market value of memecoins has continued to drop. The market capitalization of memecoins decreased by 2.6% to $54.7 billion over the last day. This decline continues a general trend seen since hitting a peak value of $127.3 billion in December, nearly a year after Pump.fun launched in January 2024. The memecoin market saw a slight jump in April around the launch of LetsBonk, but the overall trend has been downward.

This revelation by Grogan underscores the growing concern over the authenticity and legitimacy of tokens launched on these platforms. The use of bots to launch tokens raises questions about market manipulation and the integrity of the memecoin ecosystem. Grogan's statement highlights the need for increased scrutiny and regulation in the memecoin space to protect investors and maintain market fairness. The prevalence of bots in launching tokens on these platforms underscores the challenges faced by regulators and industry participants in ensuring transparency and accountability. As the memecoin market continues to evolve, it is crucial for stakeholders to address these issues to foster a more trustworthy and sustainable environment for digital assets.