Automated bots are likely responsible for the majority of tokens launched on memecoin creation platforms Pump.fun and LetsBonk, according to Conor Grogan, Coinbase's head of product. Data shared by Grogan indicates that the top accounts on LetsBonk have been launching a new token every three minutes, with thirteen wallets collectively launching over 4,281 tokens in the past 24 hours. Despite the high volume of tokens created, only 37 have 'graduated' by achieving sufficient trading volume to list on decentralized exchanges. LetsBonk has also surpassed Pump.fun in terms of newly launched tokens and revenue generated, having deployed over 22,000 tokens compared to Pump.fun's 9,800. However, the overall market capitalization of memecoins has been declining, dropping 2.6% to $54.7 billion as traders shift their focus away from this speculative sector.

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