Solana’s (SOL) most recent crypto market moves have spooked investors as the cryptocurrency experienced a relatively sudden price drop of 24.84% in the last 30 days.
A possible explanation for the movements – which saw approximately $10 billion flee Solana’s market cap in the last week – came on June 24 when Crypto Bitlord, a prominent cryptocurrency influencer, made an X post claiming they heard rumors that SOL is under investigation.
The influencer noted:
We are hearing rumors that $SOL is under investigation and a huge case is about to become public. This has been brewing for weeks now and couldn’t come at a worse time. If what we heard is true, start praying for Solana.
While the news that an agency such as the U.S. Securities and Exchange Commission (SEC) is investing a digital asset is hardly uncommon, the claim that ‘a huge case is about to become public’ paired with the recent price actions gave the claim significant gravitas.
Additionally, the downtrend has reignited in the last 24 hours of trading as it saw SOL plunge another 4.85% after a period of relative stability in the last 6 days.
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