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 market analyst and crypto journalist with interests in economics, broader financial markets and digital assets. His journey into crypto began more than four years ago, driven by a fascination with the rapid evolution of blockchain technology and the transformative potential of decentralized finance. He began analyzing market cycles and identifying emerging trends before they reach the mainstream. He holds a degree in International Relations - a background that helped shape his broader perspective on global economics, geopolitics, and the interconnected nature of modern financial markets. Whether covering the latest developments in the crypto sector or exploring broader macroeconomic themes, Alexander focuses on giving readers context rather than simply repeating headlines. During his career, he has authored more than 10,000 articles covering cryptocurrencies, traditional finance, and global market developments. His work spans everything from Bitcoin and altcoins to macroeconomic trends influencing risk assets worldwide.
