Coinbase executives recently pointed out that automated bots are likely the true manipulators behind the vast majority of tokens issued on the meme coin creation platforms Pump.fun and LetsBonk.
"Most of the tokens issued on PumpFun and LetsBonk today are actually run by bots," said Conor Grogan, Coinbase's head of product, in a post on X platform on Monday.
He shared data charts showing that the top accounts on the LetsBonk platform issued a new token on average "every 3 minutes" over the past day.
LetsBonk is a Solana-based token creation platform launched in late April, positioned as a competitor to Pump.fun. The platform quickly became a market favorite due to its reward mechanism associated with the token Bonk (BONK)—a feature that Pump.fun has yet to launch.
Grogan's analysis chart revealed that these 13 wallets collectively issued 4,281 tokens in the past 24 hours.
Data from Dune Analytics further indicates that the largest token creator on the platform has issued a total of 4,669 tokens historically.
The second-largest token creator has issued nearly 2,400 tokens but was the most active in the past 24 hours, becoming the top creator wallet by issuing nearly 500 tokens in a single day.
The number of so-called "graduated" tokens from these two top accounts is only 37, with the "BwaV" wallet holding 30 graduated tokens—ranking first among the top 25 token creation accounts.
"Graduated" tokens refer to newly issued meme coins that have reached sufficient trading volume to "graduate" from platforms like LetsBonk and list on decentralized exchanges, thereby reaching a broader investor base.
In the past 24 hours, LetsBonk surpassed Pump.fun in both revenue and the number of tokens deployed.
According to DefiLlama data, LetsBonk generated $1.23 million in revenue over the past day, nearly double Pump.fun's revenue of about $520,400.
In terms of the number of tokens deployed, LetsBonk also leads, with over 22,000 tokens issued on Monday according to Dune data, while Pump.fun had just over 9,800.
However, as investors gradually shift their attention away from this highly speculative area, the total market capitalization of meme coins continued to decline over the past day.
According to CoinMarketCap data, the market cap of meme coins fell by 2.6% in the past day, dropping to $54.7 billion.
This continues the general downward trend in the sector since it peaked at $127.3 billion in December 2023, with Pump.fun launching in January 2024 and reaching its peak nearly a year later. This was during a broader market boom when the platform achieved unprecedented popularity.
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Original: “Bots are the driving force behind most tokens on Pump.fun and LetsBonk (BONK)”
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