Crypto Exchange Coinbase executives say that automated bots could be behind most tokens launched with Memecoin Creation Tools Pump.Fun and Letsbonk.
“The majority of tokens launched on Pumpfun and Letsbonk are run by bots today,” the head of Conor Grogan, a Coinbase product, posted on X on Monday.
He shared data and charts showing that Letsbonk’s top accounts launched “one new token every three minutes” on average on the last day.
Letsbonk is a Solana-based token creation platform launched as a rival to Pump.Fun in late April, and quickly became a popular alternative due to its associated token, Bonk (Bonk).
Over dozens of wallets fire thousands of memokine
Grogan’s chart shows that 13 wallets have launched a total of 4,281 tokens in the last 24 hours.
Data on Dune Analytics shows that the best token creators on the platform have launched 4,669 tokens.
The second largest token creator released just under 2,400 tokens, but has been the wallet of top creators for the past 24 hours, launching nearly 500 tokens in a day.
There are only 37 tokens from these top two accounts that have been so-called “graduated” and the “BWAV” wallet has 30 graduation tokens.
A graduated token is a newly launched memokine “graduated” from platforms like Letsbonk, listing it in a decentralized exchange, and seeing enough trading volumes to be exposed to a larger audience.
Letsbonk surpasses Pump.fun
Letsbonk has won Pump.fun and has won the number of tokens that have been deployed over the last 24 hours.
Defillama shows Letsbonk has generated $1.23 million in revenue in the past day, with almost double the revenue for Pump.Fun at around $520,400.
According to Dune data, Letsbonk has broken the number of tokens being deployed and announced the number of tokens being deployed.
MemeCoin’s market share continues to decline
However, as traders continue to shift their focus from the highly speculative sector, the total market value of Memocoin continues to decline on the last day.
According to CoinmarketCap, MemeCoins’ market capitalization fell 2.6% to $54.7 billion on its last day.
Almost a year after Pump.Fun was launched in January 2024, and has continued its general decline seen by the segment since it reached its peak of $127.3 billion in December. It reached its peak in popularity amid the market boom of that time.
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