Coinbase Executive Suggests Bots May Drive Most Memecoin Launches on LetsBonk and Pump.fun

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.