Solana DEX Trades Riddled with Circular and Botlike Activity

A recent review of Solana decentralized-exchange trades found $117.7 billion in circular or botlike activity between August 24 and September 22.

This amounts to 58.4% of the total $201.4 billion in indexed Solana DEX trades during that period, highlighting the limitations of using gross volume as a measure of market depth.

The review focused on trades priced in SOL, USDC, or USDT and identified patterns such as buying and selling the same token through the same pool within a single transaction.

One notable example was a transaction where one wallet bought 61 million units of Claude while another sold nearly the same amount back to the same PumpSwap pool, resulting in $2,000 in volume.