Crypto influencer Crypto Bitlord predicts Solana (SOL) rumors will soon surface. After the latest Ethereum frenzy, the influencer suggested Solana may be under investigation.
Rumors are circulating regarding Solana (SOL) following the suggestion by Crypto Bitlord, a prominent figure in the crypto community, on X that the cryptocurrency may be under investigation.
He alleges that this speculation has been accumulating for weeks and is on the brink of becoming public, which could have an immense impact on Solana.
Is Solana Under Investigation?
Crypto Bitlord posted, “We are hearing rumors that $SOL is under investigation.”
In addition, he noted that a “huge case is about to become public.”
He added, “This has been brewing for weeks now and couldn’t come at a worse time. If the information we have received is accurate, we should begin praying for Solana.
The Solana community has expressed substantial skepticism in response to the most recent comment.
Crypto Bitlord spotlighted this and stated, “I’ve already seen a lot of cope and denial in the comments.”
Addressing the concerns, he added, “It’s sad when everyday people get caught up in things they don’t understand and lose money from it.”
The most recent rumors regarding Solana’s investigation are reminiscent of the recent scrutiny that Ethereum (ETH) has faced.
Following the conclusion of the 14-month-long investigation by the U.S. Securities & Exchange Commission (SEC) into Ethereum, Solana became the focal point of the security status debate.
However, these discussions were brief and did not garner significant attention until the most recent rumors emerged.
The Solana price plummeted by nearly 8% to $124 in response to these rumors.
Although not necessarily explicitly associated with the rumors, they may have had an impact on the decline, in addition to other market factors.
Furthermore, SOL experienced a major sell-off.
Coinglass reports that Solana experienced a lengthy liquidation of $10.75 million due to investors’ panic-induced sales to reduce losses.
Lucie, Shiba Inu’s marketing lead, also expressed concerns regarding the Solana community on X.
She stated, “Celebrities’ accounts posting SOL addresses left and right are probably hacked. PLEASE BE WISE and don’t get scammed.”
These events have intensified the scrutiny of the Solana ecosystem; however, they do not confirm the rumors that Crypto Bitlord has disseminated.
About Crypto Bitlord
Crypto Bitlord has a distinguished history in the cryptocurrency industry.
He was an early contributor to the Ethereum ICO and adopted Bitcoin in 2012.
He also backed projects like ADA and Dot/KUSAMA from their inception.
Furthermore, his innate ability to identify early trends has resulted in his support of billion-dollar meme coins such as Shiba Inu (SHIB), Floki (FLOKI), and Pepe Coin (PEPE).
Despite this, his reputation has been tainted by a rug pull controversy.
In November 2023, he raised $5 million for a mystery project (MOLLY) that experienced a rapid decline in value, resulting in accusations of a rug pull.
As a result, the legitimacy of the Solana investigation allegations is an issue.
SEC Drops Ethereum Probe
In contrast, Ethereum has recently experienced a positive development.
ConsenSys, an Ethereum software firm, contacted the SEC earlier this month to inquire about the status of its investigation into Ethereum 2.0.
In a letter sent earlier in the month, ConsenSys requested clarification regarding whether the approval of a Spot Ethereum ETF would lead to the closure of the ongoing investigation.
Moreover, ConsenSys provided an update that the SEC had concluded its investigation into Ethereum 2.0.
This verified that the sales of ETH are not considered for securities transactions.
ConsenSys stated, “Today we’re happy to announce a major win for Ethereum developers, technology providers, and industry participants: the Enforcement Division of the SEC has notified us that it is closing its investigation into Ethereum 2.0.”
Additionally, the closing of the Ethereum investigation is seen as a victory.
However, it also emphasizes the persistent regulatory obstacles encountered by the crypto sector.
ConsenSys underscored the importance of unambiguous guidelines in the development of crypto technologies and innovations.
Meanwhile, speculations concerning Solana swirl around 3iQ’s Solana Fund application in Canada, which claims to be the first Solana ETP in North America.
Consequently, this situation reflects Ethereum’s regulatory challenges, which resulted in a cautious stance among industry participants.