Bots Are Ruining Memecoin Launchpads, Says Coinbase Exec

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Well, folks, it looks like we’ve got ourselves a fine mess. Grogan, the wise oracle of crypto news, took to X (not the letter, mind you, but the social platform) to spill the beans. He revealed that a whole bunch of bots—yes, those cheeky little digital tricksters—are pulling the strings behind most of the token launches on these memecoin platforms.

Now, don’t get your hopes up just yet, because according to recent data, the top bots on LetsBonk are churning out new tokens faster than you can say “pump and dump.” Every three minutes, a fresh token is born. And in a 24-hour period, 13 wallets collectively launched over 4,200 tokens—talk about automation on steroids. 🐦💸

LetsBonk, which was built on the fine fine Solana (bless its heart), launched in April and has quickly become the cool kid on the block, mostly thanks to its BONK token rewards. Meanwhile, Pump.fun, which is still holding onto its “nobody knows who we are” status, hasn’t even caught up with this nifty feature. LetsBonk is now outperforming Pump.fun, both in token production and the sweet sweet revenue it’s making. According to Dune Analytics and DefiLlama (those guys must have a serious library of charts), LetsBonk saw over 22,000 token launches and pulled in $1.23 million in revenue on Monday alone. That’s nearly double what Pump.fun could muster in the same span of time. Talk about a bot-powered landslide! 🚀💰

But don’t start throwing confetti just yet, because here’s the kicker: only a teeny tiny fraction of these tokens ever make it to decentralized exchanges. So, all these bots are running around creating tokens like it’s a Black Friday sale, but they’re not really going anywhere. Meanwhile, the overall memecoin market is starting to cool off faster than a cold soda on a hot day, dropping 2.6% in the past 24 hours and bringing its total capitalization down to a humble $54.7 billion. That’s a far cry from the $127 billion it reached last December. 🥶

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2025-07-08 16:09