Bitquery flagged $117.7 billion in circular or automated trades on Solana, representing 58.4% of a $201.4 billion sample taken over 30 days. About $111.6 billion came from buys and sells of the same token through the same pool in a single transaction. Two groups of wallets numbering 20 and 50 accounted for $26.3 billion of the flagged amount. The study did not measure executable liquidity, leaving the market depth available to independent traders unknown.
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