Solana DEXs Exposed for Massive Circular Trading Activity

Bitquery's analysis of Solana decentralized exchanges (DEXs) revealed $117.7 billion in circular trades over a 30-day period, August 24 through September 22. This figure accounts for 58.4% of the total $201.4 billion in trades examined by Bitquery across indexed pools.

The majority of these flagged transactions involved buying and selling the same token within the same pool, with nearly $111.6 billion (95%) fitting this description. One notable example occurred on September 14, where two wallets bought and sold nearly identical amounts of the 'Claude' token in the PumpSwap pool.

Bitquery identified two groups of wallets, 20 and 50 strong, with similar trading records, accounting for $26.3 billion of the flagged amount. The company's rules classify trades as circular or bot-like if they meet specific criteria, such as buying and selling the same token within a single transaction.