Crypto Bitlord, a well-known figure in the crypto community, has ignited speculation that Solana (SOL) may be under investigation. The influencer revealed on X that rumors have been circulating for weeks about a "huge case" that could soon become public, potentially spelling trouble for Solana.

Bitlord's comments have generated significant skepticism within the Solana community, with many dismissing the claims as unfounded. However, the influencer maintains that everyday investors could get caught up in something they don't fully understand, potentially leading to financial losses.

The rumors surrounding Solana mirror the recent scrutiny faced by Ethereum (ETH) from the U.S. Securities & Exchange Commission (SEC). After the SEC closed its 14-month investigation into Ethereum, debates arose over Solana's security status, but these discussions were short-lived.

In the wake of the rumors, Solana's price has plunged nearly 8% to $124, with $10.75 million in long liquidations on Coinglass. However, the decline may not be solely attributable to the rumors and could be influenced by broader market factors.

Crypto Bitlord has a history of identifying early trends in the crypto space, including backing billion-dollar meme coins like Shiba Inu (SHIB), Floki (FLOKI), and Pepe Coin (PEPE). However, his reputation has been tarnished by a rug pull controversy involving a $5 million project in November 2023.

In contrast, Ethereum recently received positive news as ConsenSys, an Ethereum software firm, announced that the SEC had closed its investigation into Ethereum 2.0, confirming that ETH sales are not considered securities transactions. This development is seen as a victory for the Ethereum community, but it also highlights the ongoing regulatory challenges faced by the crypto industry.