Coinbase Executive Suggests Bots May Drive Most Memecoin Launches on LetsBonk and Pump.fun
2025-07-08 06:33:27
Main Idea
Coinbase executive Conor Grogan's analysis reveals that automated bots are driving the majority of memecoin launches on platforms like Pump.fun and LetsBonk, with a small fraction of tokens gaining broader market exposure.
Key Points
1. Just 13 wallets generated over 4,200 tokens within 24 hours, indicating a high rate of automated token deployment.
2. LetsBonk surpassed Pump.fun in revenue ($1.23 million vs. $520,400) and token launches (22,000 vs. 9,800), partly due to its integration with the Bonk (BONK) token reward system.
3. The memecoin market value declined by 2.6% in 24 hours, continuing a broader downtrend from its peak of $127.3 billion in December 2023.
4. Most tokens created by bots fail to 'graduate' to exchanges, with only a small fraction gaining market traction.
5. LetsBonk's growth is attributed to its reward mechanisms, though this also raises concerns about the speculative nature of the memecoin market.
Description
Automated bots dominate the creation of memecoins on platforms like Pump.fun and LetsBonk, according to Coinbase’s head of product, Conor Grogan. Data reveals that a handful of wallets are responsible
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