Coinbase: Most Meme Coins on Pump.fun and LetsBonk Are Bot-Generated

Conor Grogan, head of product at Coinbase, has stated in a recent statement that the overwhelming role of automated bots in the meme coin ecosystem, particularly on Solana-based platforms Pump.fun and LetsBonk, raises concerns about authenticity and market dynamics for meme coins. 

Data suggests that the majority of token launches on these platforms are created by bots, which calls into question authenticity, market dynamics, and operational models within the meme coin sector.

Coinbase Exposes the Bot-Powered Meme Coin Machine  

On July 7, 2025, Grogan posted on X that “the great majority of tokens launched on PumpFun and LetsBonk are today run by bots,” referencing data showing top LetsBonk accounts launching a new token every three minutes on average over the past 24 hours. 

According to Dune Analytics, 13 wallets created 4,281 tokens on LetsBonk in a single day, with the top creator responsible for 4,669 tokens all-time and the second-largest launching nearly 500 tokens in 24 hours. 

Only 37 tokens have “graduated” to decentralized exchanges, with the “BwaV” wallet accounting for 30, showing a low success rate for bot-generated tokens. The quick speed of token creation at a level far beyond human capability is strong proof of automation. Community discussions on Reddit and X, alongside tools like a Pump.fun trading bot on GitHub, speak to the prevalence of bots in this ecosystem.

LetsBonk Overtakes Pump.fun in Revenue and Token Launches

LetsBonk has surpassed Pump.fun as the leading and most profitable meme coin launchpad on Solana. 

However, according to DeFiLlama, LetsBonk generated $1.23 million in revenue over the past 24 hours, nearly double Pump.fun’s $520,400. On July 6, LetsBonk also processed approximately 15,600 token launches compared to Pump.fun’s 11,500.

LetsBonk revenue (Source: DeFiLlama)

Launched in late April 2025, LetsBonk’s integration with Raydium’s LaunchLab and its BONK token rewards have driven its growth, attracting both users and bots.

Pump.fun, which led the market since January 2024, has faced several difficulties, including rug pulls and controversial livestreams, ultimately leading to its decline. In addition, Pump.fun is now preparing for a $1 billion token sale at a $4 billion valuation, scheduled for July 12 to 15, 2025 on Gate.io, in a bid to regain momentum.

Are Bot-Driven Meme Coins Doomed to Fail? Market Says Yes  

The prevalence of bots on Pump.fun and LetsBonk raises questions about the feasibility and sustainability of meme coin launches. With only 37 tokens graduating from LetsBonk, the low success rate suggests that most lack community support. 

CoinMarketCap shows the market cap for meme coins fell 1.92% to $54.96 billion in the past 24 hours, down 59.9% from $137.06 billion in December 2024, with a slight increase in early April 2025 around LetsBonk’s launch. 

Top performing meme coins (Source: CoinMarketCap)

BONK, tied to LetsBonk’s fee-burning model, has surged by 64.85% in the last seven days and 118% since April 8, 2025. 

Bonk price chart (Source: TradingView)

Neither Pump.fun nor LetsBonk has publicly addressed Grogan’s bot-related accusations.