Bitquery flagged $117.7 billion in Solana DEX trades in a 30-day sample, where repeated round trips supplied much of the recorded turnover. The blockchain data company's Sept. 24 reconstruction challenges using gross volume as a stand-in for demand from independent traders.

It leaves a question of how much an outside user could actually trade at a useful price in the same pools.

From Aug. 24 through Sept. 22, Bitquery examined $201.4 billion in trades it could value in dollars across Solana pools it indexes. Its rules classified 58.4% of that sample as circular or botlike, and about $111.6 billion of the flagged amount (95%) involved buying and selling the same token through the same pool inside one transaction, according to its Solana analysis.

One Sept. 14 example shows how the number can grow. A wallet bought a token named Claude from a PumpSwap pool, while a second wallet sold nearly as many units back to that pool inside the same transaction.

Bitquery found that both signed it, and the two pool trades recorded about $2,000 of volume. The token name does not indicate a connection to Anthropic.

Bitquery also identified two groups of 20 and 50 wallets with strikingly similar trading records. Together they accounted for $26.3 billion of the flagged amount. The firm grouped wallets by their volumes and token counts, without tracing their funding.

Bitquery counted trades priced in SOL, USDC or USDT in pools covered by its index. Other quote assets and some routed venues fell outside the sample, and the firm says fewer of its checks could run on Solana than on the other chains it studied.

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