Recent research by John Grogan highlights the influence of automation on the memecoin market. He specifically points out bot activity in token launches on the LetsBonk platform.
Token Distribution on LetsBonk
According to Grogan, top accounts on the LetsBonk platform 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.
Comparison with Pump.fun
LetsBonk, launched in April and built on Solana, has quickly gained traction by offering BONK token rewards. Compared to Pump.fun, LetsBonk demonstrates higher metrics for both token output and revenue, which, according to Dune Analytics and DefiLlama, reached $1.23 million on Monday.
Overall Dynamics of the Memecoin Market
Despite the surge in activity, only a small 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 significant decline from its $127 billion peak last December.
The data provided by John Grogan emphasizes the importance of automation in the memecoin market and raises questions regarding the sustainability of many new tokens. As trends evolve, market observers will closely monitor further developments.
