Solana DEX Raydium sees volume surge amid bot activity and competition

The Solana-based decentralized exchange Raydium has experienced significant shifts in trading activity, marked by both intense competition and controversial volume generation. On October 7, 2026, Raydium recorded $192.2 million in 24-hour trading volume, narrowly surpassing PumpFun’s PumpSwap, which logged $185 million.

However, blockchain analysis from Bitquery has identified suspicious activity involving a single Solana wallet. Using approximately $12,000 in capital, a bot reportedly executed over 22,000 trading cycles, generating an artificial volume of $1.4 billion. This activity accounted for nearly 22.7% of the volume in Raydium’s concentrated liquidity pools between September 21 and October 20.

This surge comes as Raydium attempts to diversify beyond memecoins by leaning into tokenized assets. Over the last 30 days, the protocol handled $805.2 million in trading volume for xStocks-issued assets, representing 80.5% of that market. The discovery of the high-volume bot highlights ongoing vulnerabilities in how decentralized exchanges report liquidity and market activity.