Blockchain analytics firm Bitquery reported on Oct. 21 that one Solana wallet generated $1.4 billion in suspected wash trades across Raydium’s concentrated-liquidity pools between Sept. 21 and Oct. 20. That was 22.7% of the segment’s $6.17 billion in reported trading volume. Bitquery said the wallet repeatedly bought and sold tokens in the same pools, using about $12,000 in working capital.
Bitquery also found that ten linked pools displayed about $5.93 billion in combined liquidity on DEXScreener but held only $10,238 in USDC reserves. Displayed liquidity does not show how much investors could sell at prevailing prices. Bitquery did not identify the operator or establish investor losses, and its findings do not establish involvement by Raydium or the platforms displaying the pools.
