Bitquery flagged $117.7 billion in Solana DEX trades as circular or botlike in a 30-day sample. According to NS3.AI, the flagged activity accounted for 58.4% of the $201.4 billion in trades that Bitquery could value.

The study said about $111.6 billion of the flagged amount involved buying and selling the same token through the same pool inside one transaction. It did not measure executable liquidity for independent traders.