David Edwards
According to Conor Grogan, head of product at Coinbase, automated bots are currently responsible for the vast majority of token releases on the Solana-based platforms Pump.fun and LetsBonk. Grogan disclosed in a post on X that the majority of memecoin deployments are the result of bots, with some accounts producing new tokens at a rate of one every three minutes.
Launched in late April 2025, LetsBonk has quickly become a rival of Pump.fun, in part because of its BONK coin, which provides users with reward incentives—a feature that Pump.fun has not yet adopted. In the last 24 hours, LetsBonk has surpassed Pump.fun in terms of income and token deployments, despite being a more recent addition.
13 wallets were in charge of launching 4,281 tokens on LetsBonk in a single day, according to data from Dune Analytics. To date, the platform’s most active token producer has released 4,669 tokens, while the second-largest launched around 500 tokens in a single day. But only 37 of these tokens from the top two producers have “graduated” to decentralized exchanges, demonstrating how speculative and transient many memecoins are.
A memecoin is said to have graduated when it reaches a trade volume high enough to list on a decentralized exchange, which provides increased liquidity and visibility. Among the top 25 creator accounts, 30 of the 37 graduating tokens are held by the top wallet, known as “BwaV.”
Interest in the larger memecoin space is waning despite the spike in activity. The market capitalization of memecoins fell 2.6% in the past day to $54.7 billion, according to CoinMarketCap. From the top of $127.3 billion in December 2024, when Pump.fun was at its most popular during a broader market rise, this follows a decreasing trend.
LetsBonk’s recent supremacy is further demonstrated by DefiLlama data, which shows that the site generates $1.23 million in income each day, more than twice the $520,400 that Pump.fun recorded. With over 22,000 additional tokens compared to just under 10,000 on Pump.fun, LetsBonk also benefited from token deployments.
Even while these memecoin platforms are still technically novel, the present crypto environment’s speculative volatility is highlighted by their excessive reliance on bots and the short lifespan of their tokens.
