According to Cointelegraph, the Solana blockchain has recently reached a historic high in on chain transfer volume, but market intelligence firm Glassnode claims that most of the activity is carried out by bots. Glassnode pointed out in its X post on November 19th that Solana's transfer volume reached a historic high of $318 billion on November 16th, which is almost three times the total market value of SOL ($112.5 billion). The total number of active addresses on Solana has skyrocketed to 22 million.
However, Glassnode points out that the average trading volume and median trading volume both decreased at the same time. This has raised doubts about the authenticity of Solana indicators, as if growth is organic, then the average level should be accompanied by a similar increase. To explain this phenomenon, Glassnode stated, "This pattern of network activity inflation may indicate robot driven activity, which has historically led to similar trends in Solana
The increase in activities may be the reason for the recent increase in expenses and network revenue. According to DefiLlama's data, on November 20th, Solana's daily revenue reached a historic high of nearly $6 million, with network participants paying $7.63 million in transaction fees. According to supplementary data from Blockworks Research, on November 19th, Solana's actual economic value (REV) reached a historic high of $26 million.
