According to Glassnode, on November 16, the volume of transactions in the Solana blockchain reached a record high of $318 billion. This is almost three times higher than the market capitalization of the Solana ($SOL
) cryptocurrency, which currently stands at about $112.5 billion. The number of active addresses on the network has also grown to a maximum of 22 million.
Experts from the analytical company Glassnode noted that at the same time, the average volume of transactions on the Solana network decreased. This raised questions among experts about the reliability of blockchain indicators, since organic growth is accompanied by an increase in average indicators.
Such dynamics of growth in network activity may indicate the activity of bots on the Solana network," Glassnode analysts wrote.
Another record indicator of Solana, which was doubted by experts, was the maximum trading volume of $6.93 billion on the network's DEX platforms. Thus, according to DefiLlama, on November 19, the Raydium exchange accounted for 74% of the total trading volume. However, a closer analysis of the exchange's liquidity pools shows that many of them have virtually no liquidity and generate unrealistic trading volumes.
For example, there was only $7 of liquidity in the SOL-HAT pool, but the trading volume per day was almost $400,000.
This is not the first time that Glassnode analysts have claimed the presence of inorganic activity in Solana. On November 4, they claimed that "the sharp increase in the volume of transactions on the network was caused by the high activity of wallets using multiple accounts."