Coinbase's exec says bots are behind most tokens launched on Pump.fun and LetsBonk

The latest rush to LetsBonk and Pump.fun has once again drawn suspicions of bot activity. The rapid pace of issuing new tokens from the top 100 token creators points to automated token minting. 

LetsBonk, the new hot Solana meme platform, is repeating the bot-driven model of Pump.fun. According to Conor Grogan, head of product at Coinbase, both platforms have seen high bot activity, concentrated within the top 100 wallets. 

The great majority of tokens launched on PumpFun and LetsBonk are today run by bots; the below chart pulls new tokens launched on Letsbonk over the last 24 hours. The top accounts launch, on average, one new token every 3 minutes https://t.co/b5Inljc9z9 pic.twitter.com/S1GMqcrXkG

— Conor (@jconorgrogan) July 7, 2025

Bots also run the majority of token launches and are often linked to dedicated creator addresses. While Pump.fun has advertised itself as a democratic platform where anyone can launch a token, most of the high-profile launches and activity are connected to relatively few wallets. 

Bots can skew the trends and boost the raw number of memes, inflating the number of assets competing for attention and liquidity. Bot-generated tokens are also traded rapidly, extracting value from the platform much faster than human traders. 

The presence of bots also puts a question mark on the “trenches” concept, where human traders attempt to find the next gem. In the meantime, bot-driven creation and trading remain sufficient to extract value from bets on new tokens.

LetsBonk catches up with Pump.fun

For the first time, a competitor to Pump.fun caught up with the original platform. After weeks of growth, LetsBonk produced over 22K new tokens for the day, also surpassing the fees of Pump.fun. 

At the same time, Pump.fun slowed down gradually, starting with around 30K daily token launches and falling to 22K new assets daily since the start of July. The platform also sees fewer active token creators. 

LetsBonk also has the advantage of a native token. The platform’s launch and expansion boosted BONK, lifting volumes close to a three-month high.

BONK is at its highest price in a month, trading at $0.000022. It rallied as a tool for exposure to the meme platform, while Pump.fun is still contemplating the decision to launch a native token. 

Who are the token launchers on LetsBonk?

Most of the wallets launching hundreds of tokens are newly created and not connected to a specific social media identity. However, the wallet ‘H6Lbvy5FQPfJngUiZfVRpxBP7zC08EGtYnXi2EyyyElr’ is linked to a X handle, @zcwebby. The meme token influencer is no longer active due to a suspended account on X.

Previously, @zcwebby was active during the late 2024 bull market, pumping other assets and often linked to spoof meme tokens. The other address is connected to the identity of @psjkili, a relatively niche crypto influencer. 

LetsBonk attracts bots with its generous reward policy. Top ecosystem participants are rewarded in SOL for both tech and creative efforts. Over 3,419 SOL was rewarded to creators, and 6,685 SOL to the tech side.

For now, the balance on LetsBonk is still being explored, but the presence of bots may increase extraction. After June 10, 58% of all platform fees are shared with BONK holders. Based on the current fee schedule, the platform may generate over $69M on a yearly basis.

Following the latest platform expansion, SOL established itself at $150.40. Solana is also reevaluating its role as a platform, attempting to rebuild DeFi and lending, while letting meme tokens evolve. Solana also saw more active inflows of USDC, with another 250M stablecoins injected recently.

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