By analyzing the token transaction characteristics on the SOL chain, you can quickly determine authenticity. If a low-market-cap token has extremely low on-chain transaction fees (for example, a token with a $2.7 million market cap generating only 0.87 SOL in fees), it generally indicates that the trading volume is fabricated and retail investors are not participating at all. Conversely, a token with a $500,000 market cap that generates 24 SOL in fees truly reflects genuine popularity and activity. Such a stark difference suggests either bot-driven fake trading to create hype or real trading momentum. Learning to interpret this indicator can help you avoid many pitfalls.