Solana down 15% in past seven days amid claims of alleged SOL investigation
- Solana is allegedly under investigation per analyst Crypto Bitlord.
- Crypto analysts and Solana holders slam the news on X.
- SOL extended losses on Monday, down over 15% in the past seven days.
Solana holders and crypto analysts on X slammed influencer Crypto Bitlord behind the X handle @crypto_bitlord7 for his hot take on Solana and an alleged investigation.
The analyst said in a recent tweet that the alleged investigation has been brewing for “some weeks now,” and the crypto community on X heavily critiqued the influencer for his claim. Some analysts have labeled the claim as a rumour and called out Crypto Bitlord.
Alleged Solana investigation rumor or fact?
Crypto Bitlord took to X to share news of an alleged investigation into Solana that has been brewing for weeks and said, “We are hearing rumors that $SOL is under investigation.”
The tweet on X has invited the ire of several crypto analysts and Solana proponents on the social media platform.
We are hearing rumors that $SOL is under investigation and a huge case is about to become public
— Crypto Bitlord (@crypto_bitlord7) June 24, 2024
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
Solana recently extended losses and noted a 15% dip in price in the past seven days. Crypto Bitlord’s claims combined with the price action of SOL gave the issue weight among market participants.
Crypto analyst Evanss6, behind the handle @Evan_ss6, believes the community is witnessing the “death of Solana” and shared a bearish stance on the asset.
We are witnessing the death of Solana
— Evanss6 (@Evan_ss6) June 24, 2024
The Solana Foundation, under pressure from the Feds, are unable to deploy the algorithmic trading strategies to defend this diagonal level. We are witnessing history. pic.twitter.com/iWwSpBx7Kl
Luke @toroscrypto agrees with Crypto Bitlord and supports his take with a thesis from a few weeks ago predicting that “Solana could end up as this cycle’s LUNA.”
Remember my thesis from a few weeks ago that #Solana could end up as this cycles $LUNA
— Luke | Toros (@toroscrypto) June 24, 2024
Seems it's playing out almost exactly as predicted. Rumours an SEC investigation and incoming enforcement from the US...
Don't say I didn't warn ya
Do Kwon’s Terraform Labs sister tokens LUNA and UST collapsed in the previous cycle, resulting in a slew of bankruptcies among crypto lenders.
Analyst Ricki.sol of MonkeDAO, behind the X handle @rickicryptostix, calls the Solana investigation “nonsense” and dismisses Crypto Bitlord’s claim.
This Solana investigation nonsense is dumber than when the degen sweeper guy said he was going to call Interpol on his fudders.
— ricki.sol (@RickiCryptoStix) June 24, 2024
Just ZERO comprehension of how criminal or civil enforcement works.
This dip is a gift for lawyers. (thanks, idiots)
Solana Labs did not immediately respond to FXStreet's request for comment.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
