Coinbase executive Conor Grogan’s analysis reveals that automated bots govern the majority of memecoin launches on platforms like Pump.fun and LetsBonk, with only a fraction of tokens achieving meaningful market exposure. The findings highlight growing concerns about artificial token proliferation in decentralized finance ecosystems.
Evidence shows extreme automation intensity, with just 13 wallets generating over 4,200 tokens within 24 hours. This underscores sophisticated bot operations rapidly deploying tokens with minimal human oversight.
Competition between platforms intensified as LetsBonk outpaced Pump.fun significantly during the analysis period. LetsBonk recorded $1.23 million in revenue and launched 22,000 tokens, exceeding Pump.fun’s $520,400 revenue and 9,800 token launches. The advantage stems partly from LetsBonk’s integration with Bonk’s incentivization mechanics.
The broader memecoin market continues contracting, declining 2.6% in value over 24 hours. This extends the sector’s prolonged downtrend from its December 2023 peak of $127.3 billion.
Most bot-launched tokens fail to progress beyond initial distribution phases, with vanishingly few achieving exchange listings or substantive trading volumes. The pattern raises questions about long-term viability amid mounting speculative pressure within reward-driven ecosystems.