SOL holders who do not receive newly issued tokens would experience dilution unless subsequent burns reduce total supply enough to offset the issuance

"If newly issued SOL were transferred to a seller, total supply would rise at issuance. A holder receiving none would then hold a smaller share of total supply unless, and only to the extent that, later burns reduced it."

"Solana currently burns about 648 SOL per day from signature fees alone at roughly 3,000 transactions per second, compared with about 60,000 SOL of daily inflation."