Bitquery study reveals bot activity and irregular trading on Solana memecoins

A study by blockchain analysis firm Bitquery has highlighted significant challenges regarding automated trading and irregular patterns on the Solana network, specifically concerning the memecoin platform Pump.fun.

The research indicates that accelerating Solana's block times has not prevented the dominance of bots and sniping robots. Analysis showed that the proportion of new tokens on Pump.fun receiving an external purchase within approximately 1.3 seconds remained steady at 53%, compared to 52% in previous samples. Additionally, sandwich attack patterns rose to 33 per 10,000 swaps between September 19 and October 7.

Furthermore, Bitquery found that of the $752.5 million in total profits recorded by large wallets, only 26% could be confirmed as standard market trades. Approximately 51% of these profits stemmed from selling tokens received via transfers from other addresses, which lack a recorded purchase history and appear to have zero acquisition costs. The study also noted that 13% of the analyzed positions exhibited patterns suggesting potential coordinated trading, and 10% could not be classified.