Unpopular opinion, I guess: most of Solana’s volume is wash trading. Just like any other chain.

This is from last 1h data, fed to Claude

RAVE (RaveDAO) — 8emAqzu37CPCfwHTCkfYYKPvigeAZ5UQdK7wJjMJXQ8J

• Market cap: $253K
• 1h wash volume from onchain data: $22.6M

RAVE's entire market cap is $253K, that means all 1 billion tokens ever minted are collectively worth $253K. For $22.6M to trade hands in one hour, the entire float would need to turn over ~90X in 60 minutes

Wash score is 1, which means every dollar bought was matched by a dollar sold by the same wallet.

The staircase chart shape

Look at the RAVE chart on any platform, the price rises in perfectly even steps, and the volume bars underneath are nearly identical in height. Organic markets have irregular volume: bursts when news hits, lulls when traders sleep, red candles when sellers panic.

JAPAN (Japan Coin) — GMVvyXKu8A9yWuiH7DMT6KYnHhcDzUqAaPz9BbEMJqr1

• Market cap: $147K
• 1h wash volume from onchain data: $16.9M

Same case

Pretty sure a lot of them have this pattern.