Reported decentralized exchange volumes on XRP Ledger and Solana are being questioned after separate analyses found that obscure token-token pools and circular bot activity accounted for a large share of headline turnover. The findings suggest raw DEX volume figures may not represent genuine independent trader demand.
On XRP Ledger, data from XRPL.to showed 2.82069 billion in seven-day automated market maker volume, but two pools — XPM/TIX and RLUSD/TIX — generated 97.24% of that total. Neither pool contained native XRP. The pools were created on Sept. 21 by the same TIX issuer and pool creator, and recorded only 69 and 116 trades respectively. One payment example from Sept. 22 used about 5.89 XPM and delivered just 0.030177 RLUSD, underscoring how little value could be involved. DefiLlama’s XRPL DEX page listed only $55.1 million in seven-day volume using XRP-pair and AMM XRP-volume metrics.
On Solana, Bitquery examined $201.4 billion in priced DEX trades between Aug. 24 and Sept. 22. It flagged $117.7 billion, or 58.4%, as circular or botlike. About $111.6 billion of that involved buying and selling the same token through the same pool inside one transaction. Bitquery also identified wallet groups of 20 and 50 addresses with similar trading records that together accounted for $26.3 billion of flagged activity. A Sept. 14 example showed two wallets trading a token named Claude through a PumpSwap pool in the same transaction, generating roughly $2,000 in volume, though the pool later displayed effectively empty reserves.
These reports do not necessarily mean XRP or Solana demand is absent, but they highlight that volume metrics alone can be distorted by token-token activity, bots, and circular trades. Analysts caution that usable liquidity must be tested through pair-specific, size-specific execution data.
