LetsBonk Outperforms Pump.fun with 22,000 Tokens Launched in 24 Hours

Automated bots are likely behind the majority of tokens launched on the memecoin creation platforms Pump.fun and LetsBonk, according to an executive at crypto exchange Coinbase. Conor Grogan, the head of product at Coinbase, shared data on X indicating that the top accounts on LetsBonk had launched a new token approximately every three minutes over the past day. This data underscores the significant role that bots play in the creation and deployment of memecoins on these platforms.

LetsBonk, a Solana-based token creation platform, was launched in late April as a competitor to Pump.fun. It has gained traction due to its associated token, Bonk (BONK), which offers rewards—a feature that Pump.fun currently lacks. According to Grogan's data, over a dozen wallets have launched thousands of memecoins in the past 24 hours. The top token creator on LetsBonk has launched 4,669 tokens, while the second-largest creator has launched nearly 2,400 tokens. However, the number of tokens that have "graduated" from these top accounts is relatively low, with only 37 tokens having achieved this status. A graduated token is one that has seen enough trading volume to be listed on a decentralized exchange, thereby 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 data from DefiLlama, LetsBonk generated $1.23 million in revenue, nearly double that of Pump.fun's $520,400. Additionally, LetsBonk saw over 22,000 tokens launched compared to just over 9,800 on Pump.fun. This indicates that LetsBonk is currently the more active and lucrative platform for memecoin creation.

Despite the activity on these platforms, the overall market value of memecoins has continued to decline. The market capitalization of memecoins dropped by 2.6% to $54.7 billion over the last day. This decline is part of a broader trend that has seen the segment's value decrease since its peak of $127.3 billion in December. The launch of LetsBonk in April briefly boosted the market value of memecoins, but the trend has since reversed. This decline suggests that traders are shifting their focus away from the highly speculative memecoin sector, possibly due to the increasing influence of automated bots and the lack of genuine interest or investment in these tokens.