One of the most prominent "stars" in the crypto bull market has been the Solana Network (SOL) for a while now.



After hovering around $20 at year's end 2023, the SOL blockchain token exploded in value, reaching $200 by year's start 2024. Even with the recent drop, it's still nearly 40% higher than it was at the start of the year, trading at $145 right now.



The USDC stablecoin's daily volume dropped by as much as 90% on June 7, dealing another blow to Solana. Upon discovering the anomaly, many began to question the legitimacy of Solana's practices and speculated about the possibility of fraudulent trading.



The SOL situation is particularly peculiar because, just hours after USDC volumes dropped, the token's price—and the blockchain cryptocurrency's price—soared by around 7% in a matter of minutes.

$SOL