The value of SOL, the native token of the smart contract platform Solana, experienced a temporary decline of more than 11%. This decline caught the attention of Max Keiser, a prominent advocate for Bitcoin, who suggested that a 'rug pull' may be underway.
Following a recent peak of approximately $123, the price of Solana has experienced a significant decline, currently trading at $94.8. This drop represents a decrease of over 22% and is part of a broader correction that has affected the prices of various altcoins like XRP, Cardano, Avalanche, and Polkadot.
Max Keiser, a well-known Bitcoin advocate, who has previously stated that his Bitcoin investment has increased by over 20,000,000% since his initial acquisition in 2011, asserted that the drop in Solana's price signifies the start of a 'rug pull' for investors who were wagering on the cryptocurrency.
It is worth mentioning that the price correction in Solana occurred following an impressive surge of over 600% in the past year. During this period, Solana has surpassed many other major digital assets in terms of performance. Solana's price has been gradually recovering from the repercussions of the collapse of cryptocurrency exchange FTX. The founder of FTX, Sam Bankman-Fried, who was a strong advocate for Solana, caused the token and its ecosystem to be impacted due to their association. Bankman-Fried was recently found guilty on counts of wire fraud and money laundering.
The ecosystem of Solana has been witnessing an increasing adoption rate. The Saga smartphone, which initially had slow sales, recently sold out due to a generous airdrop of 30 million BONK tokens for each new phone owner, making it a lucrative incentive.
According to analysts, there is a belief that the price of SOL may continue to rise. A well-known cryptocurrency strategist, who has garnered a significant following on social media for accurately predicting Bitcoin's bottom during the 2018 bear market above $3,000, is forecasting a substantial surge in SOL's price in the near future.