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Solana DEX volume spike includes large share of circular trades

Bitquery estimated that 58.4% of a 30-day Solana DEX trade sample was circular or botlike, with about $111.6 billion of the flagged volume tied to buying and selling the same token in a single transaction.

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Bitquery found that a Solana decentralized exchange volume spike in a 30-day sample was driven largely by repeated round trips, and warned that gross DEX volume may not reflect demand from independent traders. In its Solana analysis, the data firm flagged $117.7 billion in Solana DEX trades and said its reconstruction challenges using total volume as a stand-in for outside-user trading at useful prices.

Bitquery reviewed $201.4 billion in trades it could value across Solana pools it indexes, then classified 58.4% of that sample as circular or botlike. It estimated about $111.6 billion of the flagged amount, or 95% of it, involved buying and selling the same token through the same pool inside one transaction.

In one example on Sept. 14, Bitquery said a wallet bought a token called Claude from a PumpSwap pool, while a second wallet sold nearly as many units back to that pool within the same transaction, with the two pool trades recording about $2,000 of volume.

CryptoSlate reported that Bitquery also identified groups of wallets with strikingly similar activity, but the analysis noted it did not measure how much depth was available for independent traders to trade at similar prices in the same pools.

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