According to ChainCatcher, Solana blockchain's recent on-chain transfer volume hit a record high, attracting market attention. According to Glassnode's analysis, on November 16, Solana's transfer volume reached a staggering $318 billion, almost three times its total market value. However, the authenticity of this data is questionable because most of the activity may be driven by robots.

Despite the surge in transfers, Solana's average and median transaction volumes are declining, which is inconsistent with expectations of organic growth. Glassnode pointed out that this phenomenon may be due to the expansion of network activity caused by robot activities, and similar trends have appeared in Solana's history.

At the same time, data from DefiLlama showed that Solana's daily revenue and transaction fees also hit new highs, showing an increase in network participation. However, market participants need to be cautious about these data to avoid being misled by superficial phenomena.