Crypto Millionaire Spotlights Rumors Of Solana Under Investigation, What’s Happening?

Rumors and Speculation
Crypto Bitlord’s Claims: Well-known crypto figure Crypto Bitlord suggested on X that Solana (SOL) might be under investigation. He mentioned a "huge case" that could soon become public.
Community Reaction: His comments have stirred skepticism and concern within the Solana community. Some users are in denial, while others fear potential financial losses.

Market Impact
Price Decline: Amid these rumors, Solana's price dropped nearly 8% to $124. This decline might be linked to the rumors, causing a massive selloff with $10.75 million in long liquidation.
Celebrity Accounts Hacked: Shiba Inu’s marketing lead, Lucie, warned about hacked celebrity accounts posting SOL addresses, increasing scrutiny around Solana.

Comparison with Ethereum
SEC Investigation on Ethereum: The SEC recently closed its 14-month investigation into Ethereum, confirming that sales of ETH are not securities transactions. This was seen as a major victory for Ethereum.
Regulatory Challenges: The closing of the Ethereum investigation highlights ongoing regulatory challenges in the crypto industry. Clear guidelines are essential for the advancement of crypto technologies.

Solana’s Future
3iQ’s Solana Fund: Amid these rumors, 3iQ applied for a Solana Fund in Canada, aiming to be the first Solana ETP in North America. This mirrors Ethereum’s regulatory journey and suggests a cautious approach among industry participants.

Summary
Rumors about Solana being under investigation have caused market anxiety and a price drop.
The situation is compared to Ethereum's recent regulatory challenges, emphasizing the need for clear crypto guidelines.
Solana’s potential investigation and market reactions highlight the ongoing volatility and regulatory scrutiny in the crypto space.