Bitquery: Solana DEX Volume Inflated by Circular Bot Trades

Blockchain data firm Bitquery reported that $117.7 billion of the $201.4 billion in Solana DEX trades analyzed between August 24 and September 22 were likely circular or bot-driven. The study found that 95% of the flagged volume involved buying and selling the same token within a single transaction. Bitquery identified clusters of wallets with identical trading patterns, noting that these figures represent specific flagged activity rather than total Solana DEX volume.