Solana's Surging Volume: How Much Is Real Demand?

A new study by Bitquery has found that nearly 59% of the $201.4 billion in trading on Solana decentralized exchanges (DEXs) between August 24 and September 22 can be classified as non-economic activity.

The study, which examined trades in Solana pools indexed by Bitquery, flagged roughly $117.7 billion of the sample as matching its criteria for circular, non-economic activity.

Bitquery's findings suggest that many of these transactions are likely the result of market makers and arbitrage systems making rapid, legitimate trades.

The report also identified concentrated clusters of similar wallets and unusually large activity in tokens named after public companies and artificial-intelligence products.