Solana DEX Volume Is Huge But How Much Of It Is Real?

Bitquery’s study examined the Solana pools it indexed from August 24 to September 22. It said 58.4% of the $201.4 billion in trading it could price matched its criteria for non-economic activity, equal to roughly $117.7 billion.

Bitquery is an onchain-data provider, not an independent market regulator, so its classification should be read as a documented analytical finding rather than a final legal determination.

The $117.7 billion claim needs an exact reading

The number is striking, but its boundaries are as important as its size. Bitquery reviewed trades in the Solana DEX pools it indexed and could price during a 30-day window. Onchain patterns can identify unusual behaviour; they cannot establish an individual trader’s motive by themselves.

Its test flagged roughly $117.7 billion of the $201.4 billion sample. Bitquery said about 95% of the flagged activity involved buying and selling the same token in the same pool within a single transaction. The report also identified concentrated clusters of similar wallets and unusually large activity in tokens named after public companies and artificial-in...