Came across this on CryptoSlate / Bitquery: a Solana wallet appears to have used only about $12,000 in capital to generate roughly $1.4 billion in suspected wash trading over about a month—22.7% of Raydium CLMM’s trading volume during the same period.
From 9/21 to 10/20, the wallet made about 109,000 swaps across 438 pools, many of which mimicked tickers like XRP, LTC, XMR, and Lisk. Bitquery counted about 22,700 round trips where tokens were sold back just seconds after being bought. In one case, 11,000 USDC went into a pool and was then sold back, recording about $22,000 in trading volume at a net loss of just $1.13.
Even more absurd is how the liquidity is displayed: 10 associated pools show a combined liquidity of about $5.93 billion on DEXScreener, while their actual USDC reserves total only around $10,000. Last week, just 4 wallets outside the cluster interacted with these pools, for a combined total of about $27.
Those two figures on DEXs—trading volume and “liquidity”—sometimes really can’t be taken at face value.
$SOL #Raydium #WashTrading
From 9/21 to 10/20, the wallet made about 109,000 swaps across 438 pools, many of which mimicked tickers like XRP, LTC, XMR, and Lisk. Bitquery counted about 22,700 round trips where tokens were sold back just seconds after being bought. In one case, 11,000 USDC went into a pool and was then sold back, recording about $22,000 in trading volume at a net loss of just $1.13.
Even more absurd is how the liquidity is displayed: 10 associated pools show a combined liquidity of about $5.93 billion on DEXScreener, while their actual USDC reserves total only around $10,000. Last week, just 4 wallets outside the cluster interacted with these pools, for a combined total of about $27.
Those two figures on DEXs—trading volume and “liquidity”—sometimes really can’t be taken at face value.
$SOL #Raydium #WashTrading