Recent data shows that automated accounts are launching tokens on the LetsBonk and Pump.fun platforms at a high frequency.
Token Activity on LetsBonk
Conor Grogan, Coinbase product lead, reports that on the LetsBonk platform, a new token is launched approximately every three minutes. This indicates a high level of automation in token creation processes.
Token Creation and Volume
Data shows that top accounts on LetsBonk produced over 4,280 tokens in the past day. Dune Analytics statistics indicate that one of the main token creators has deployed a total of 4,669 tokens, while the second-largest creator has launched nearly 500 tokens in a day.
Current State of the Memecoin Market
Despite the activity on these platforms, the overall value of memecoins in the market has declined by 2.6% to $54.7 billion. This signals a shift in trader interest, with the market gradually declining from its peak of $127.3 billion in December, which was driven by the launch of Pump.fun.
With the rise of automation on token creation platforms like LetsBonk and Pump.fun, the memecoin market is undergoing changes that may impact trader activity and interest.
