30s Summary

Solana recently experienced a record on-chain transfer volume of $318bn, which is three times its total market value of $112.5bn. The huge transfer volume led to the increasing active addresses to 22 million. However, market analytics firm Glassnode has raised concerns over these figures, suspecting the numbers are influenced by bot activity. This suspicion was reinforced by Raydium, a major network on Solana, which showed unreal trading volumes despite minimal liquidity in some pools. Despite these allegations, trading experts predict Solana could hit $400 and has a potential market cap reaching $117.8bn.

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So, Solana’s in the news again. On November 16th, it made a record, smashing $318 billion in on-chain transfer volume. To put that into perspective, that number is nearly three times Solana’s total market value which currently sits at $112.5 billion.

This massive number meant that Solana’s active addresses rocketed up to 22 million too. But some people are skeptical about these skyrocketing numbers. Glassnode, a firm that knows a thing or two about the market, reckons that this might be due to bot activity.

Apparently, if the huge growth numbers were all down to real human users, we should be seeing other averages going through the roof, too. But at the same time, the average and median transaction volumes took a dip. Weird, huh?

Here’s how Glassnode explains it: “This pattern of network activity inflation may be indicative of bot-driven activity, which has historically contributed to similar trends on Solana.”

So yeah, even though the network’s been earning cash hand over fist – it pulled in almost $6 million on November 20th – there are some suspect things going on, too. For instance, Raydium, a big player on the Solana network, has a lot of liquidity pools with little or no liquidity, but they’re somehow getting unreal trading volumes. One of them even had just $7 of liquidity but managed to rack up nearly $400,000 in 24-hour trading volume!

Glassnode also pointed out some funny business with Solana’s transactions back on November 4th. Lots of activity from a single wallet using multiple accounts was to blame for a big spike. This isn’t the first time Solana’s been in the spotlight for suspicious activity, either. Other researchers have pointed out that most of Solana’s activity seems to be bot-based.

Despite this, the surge in network activity is still getting investors buzzing. Trading pros like Titan of Crypto and veteran trader Peter Brandt reckon that Solana’s got potential. They say it could easily break $400 soon and might even shoot up to $275 in the short-term.

Whether you buy into the hype or worry about the bot allegations, it’s clear that Solana is on a roll right now. It’s market cap recently hit $117.8 billion, making it the fourth largest cryptocurrency around.