Bitquery said one Solana wallet traded $1.4 billion through 438 Raydium pools of fake tokens over 30 days, 22.7% of Raydium CLMM volume, on about $12,000.
Key Facts
One Solana wallet generated $1.40 billion of the $6.17 billion traded on Raydium's concentrated liquidity pools between Sept. 21 and Oct. 20, or 22.7%, blockchain data firm Bitquery said.
The wallet round-tripped about $11,000 of USDC through 438 pools of tokens named after real coins, each holding about $19 of USDC, using roughly $12,000 of working capital, according to Bitquery.
Ten of the pools displayed $5.93 billion of liquidity on DEXScreener on Oct. 21 while holding $10,238 of USDC between them, and Bitquery said it found no sale by the wallets to an outside buyer.
A single wallet on Solana (SOL) produced nearly a quarter of the trading volume on concentrated liquidity pools run by Raydium (RAY) over 30 days by trading the same USDC through pools of fake tokens, blockchain data firm Bitquery said.
The wallet's $1.40 billion of volume made up 22.7% of the $6.17 billion traded on Raydium CLMM between Sept. 21 and Oct. 20, Bitquery said in an investigation dated Oct. 21. The firm valued every swap at its USDC side.
On its heaviest day, Sept. 26, the wallet accounted for 46% of Raydium CLMM volume, and on its lightest, Oct. 14, for 11%, according to the report.
Bitquery's chart of daily volume on Raydium CLMM, with the share of the wallet Bitquery identified in red, Sept. 21 to Oct. 20, 2026. Source: Bitquery
How the Wash-Trading Bot Works
The wallet sells about $11,000 of USDC into a fake-token pool and buys it back 22 seconds later, in 438 pools, twice a day each, Bitquery said. Each pool holds about $19 of USDC and a billion tokens named after a real coin, such as XMR or XRP.
One round trip in a fake LSK pool cost $1.13 plus two network fees of 0.00002 SOL, according to the report, and the operation runs on about 12,000 USDC and 1.3 SOL.
The wash trades run through Raydium's concentrated liquidity pools, where the wallet's own position absorbs each swap with almost no price impact, the firm said. Each trip loses about a dollar.
Fake Pools Show Billions in Displayed Liquidity
Price screens value both sides of a pool at the pool's own price, so a billion fake tokens show up as hundreds of millions of dollars of liquidity, Bitquery said. Ten of the pools displayed $5.93 billion of liquidity on DEXScreener on Oct. 21 while holding $10,238 of USDC.
"So the volume is not there to profit from a trade. It is there to be seen," the report said, adding that a token named "TRC20-USDT" priced at a dollar is "the kind of thing a person pastes into a swap by mistake."
Bitquery said it did not know who runs the wallets, which it grouped into one cluster based on shared pools, gas funding and transfers. It found no sale to an outside buyer, and four outside wallets traded the pools for about $27 in the week to Oct. 21.
Raydium, which launched a token creation tool to rival Pump.fun in April 2025, saw RAY rise 64% earlier this month as tokenized stock trading shifted to Solana.
RAY traded around $1.84 at the time of writing, down about 7.6% over 24 hours, according to CoinMarketCap data.
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