Bots Are Taking Over Memecoin Launchpads, Coinbase Exec Warns
The explosion of memecoin platforms like Pump.fun and LetsBonk is being driven less by retail hype and more by automation, according to Coinbase's Conor Grogan.
In a post on X, Grogan revealed that a handful of bots are responsible for the vast majority of token launches on these platforms.
Sharing recent data, he pointed out that top accounts on LetsBonk are deploying new tokens at a rate of one every three minutes. In just 24 hours, 13 wallets launched over 4,200 tokens—underscoring the growing role of automated strategies in memecoin farming.
LetsBonk, built on Solana and launched in April, has rapidly gained traction by offering BONK token rewards—something Pump.fun has yet to introduce. It now surpasses Pump.fun in both token output and revenue. According to Dune Analytics and DefiLlama, LetsBonk saw over 22,000 token launches and generated $1.23 million in revenue on Monday, nearly double that of Pump.fun.
Despite the surge in activity, only a fraction of these tokens “graduate” to decentralized exchanges. Meanwhile, the overall memecoin market continues to cool off, with total capitalization dropping 2.6% in the past day to $54.7 billion—a far cry from its $127 billion peak last December.
Alexander Zdravkov is a person who always looks for the logic behind things. He has more than 3 years of experience in the crypto space, where he skillfully identifies new trends in the world of digital currencies. Whether providing in-depth analysis or daily reports on all topics, his deep understanding and enthusiasm for what he does make him a valuable member of the team.
