The price of the native token of the smart contract platform Solana, SOL, has seen a brief drop of over 11%, with it being enough for Max Keiser, a well-known Bitcoin bull, to suggest that the “rug pull has begun.”
Solana’s price has dropped from a recent high of around $123 and is now trading at $94.8 after falling more than 22% from its peak amid a wider correction that also impacted the prices of altcoins including XRP, Cardano, Avalanche, and Polkadot.
The drop saw Max Keiser, a Bitcoin evangelist who has recently said that the value of his Bitcoin investment is up over 20,000,000% since he first acquired the flagship cryptocurrency back in 2011, claim that the “rug pull has begun” for investors betting on Solana.
Notably, Solana’s price correction came after the cryptocurrency surged more than 600% over the past year while outperforming most other major digital assets. Solana’s price has been recovering from the collapse of cryptocurrency exchange FTX, whose founder Sam Bankman-Fried was a staunch supporter of, leading the token and its ecosystem to be affected by association. Bankman-Fried was recently found guilty on counts of wire fraud and money laundering.
Solana’s ecosystem has been seeing growing adoption, with its Saga smartphone, which once faced sluggish sales, selling out recently over a lucrative 30 million BONK token airdrop for each new owner of the phone.
Analysts believe SOL’s price may keep on rising, however, with a popular cryptocurrency strategist who has gained a large following on social media after accurately calling Bitcoin’s 2018 bear market bottom above $3,000, predicting a major surge for it in the near future.
Featured image via Unsplash.
