PANews reported on November 20 that according to Cointelegraph, Solana blockchain’s recent on-chain transfer volume hit a record high, but market intelligence company Glassnode claimed that most of the activities were carried out by robots. Glassnode pointed out in its X post on November 19 that Solana’s transfer volume hit a record high of $318 billion on November 16, which is almost three times the total market value of SOL ($112.5 billion). The total number of active addresses on Solana has soared to 22 million.
However, Glassnode noted that both the average and median transaction volumes fell at the same time. This raises questions about the authenticity of Solana’s metrics, as if the growth was organic, the average should be accompanied by a similar rise. To explain this phenomenon, Glassnode said: “This pattern of swelling network activity may indicate bot-driven activity, which has historically led to similar trends for Solana.”
The increase in activity is likely responsible for the recent increase in fees and network revenue. Data from DefiLlama shows that on November 20, Solana’s daily revenue hit an all-time high of nearly $6 million, with network participants paying $7.63 million in transaction fees. Additional data from Blockworks Research shows that on November 19, Solana’s real economic value (REV) reached an all-time high of $26 million.
