Solana’s Market Resilience Tested Amid DeGods CEO’s Exit and Wallet Hack
The cryptocurrency community is reeling from the sudden resignation of DeGods CEO Frank, followed by a suspicious hack of his Solana wallet. This incident, involving the bulk sale of 16 NFTs, has raised questions about security and timing, especially as Solana’s price holds steady at $170.99 USDT. Frank’s departure marks the end of a transformative three-year era for DeGods and y00ts, leaving the market to ponder the implications for Solana’s ecosystem.
DeGods CEO Frank’s Wallet Allegedly Hacked Following Resignation
The crypto community is abuzz after DeGods founder Frank announced his resignation as CEO, only for his solana wallet to be compromised days later. The incident, involving a bulk sale of 16 NFTs, has sparked intense speculation about motives and timing.
Frank’s departure marks the end of a three-year tenure where he spearheaded both DeGods and y00ts projects. "I dedicated 3 years of sleepless nights trying to make DeGods & y00ts a success," Frank stated in his resignation tweet on May 12, 2025. The subsequent wallet breach raises questions about potential connections between the events.
The Solana-based NFT project now faces uncertainty as leadership transitions occur amidst security concerns. Market observers note the incident highlights ongoing vulnerabilities in digital asset storage, even for industry veterans.
Solana Price Prediction: Golden Cross Pattern Sparks Rally Speculation
Solana’s native token SOL gained 1.5% to $172 amid broader market weakness, defying the downward trend. The altcoin has climbed 4% weekly and 38% monthly, with technical analysts noting a developing golden cross pattern on daily charts—a classic bullish signal.
The sixth-largest cryptocurrency remains 41% below its all-time high of $293, set in January 2022. Traders are positioning for potential upside as the technical formation suggests growing momentum. SOL’s year-to-date performance now shows a 6% gain despite earlier quarterly declines.
Market participants are watching the $200 resistance level closely. A decisive break could open the path toward retesting historic peaks, though volatility remains elevated across crypto markets.
Solana Shows Bullish Signals After Bouncing Off Key Support Level
Solana’s price action suggests a potential upward trajectory after rebounding from the $168 support level, a critical threshold identified by technical analysts. The recovery aligns with historical patterns where such levels often precede renewed buying interest.
Trading above both the 5-day and 10-day moving averages, SOL demonstrates classic bullish momentum. Market observers note this technical configuration typically attracts incremental demand, potentially fueling further gains in the NEAR term.
Eric Trump Memecoin on Solana Flagged as Potential Rug Pull by Bubblemaps
Blockchain analytics firm Bubblemaps has raised red flags over an Eric Trump-themed memecoin on Solana, warning of a potential rug pull. Token distribution analysis reveals 91% of the supply is controlled by just ten wallets linked to a single deployer address.
The same entity previously launched three other failed Trump-themed tokens on Solana, according to on-chain data. Such concentration enables price manipulation and creates risks of sudden liquidity withdrawal—a hallmark of exit scams.
X (formerly Twitter) sentiment mirrors these concerns, with traders drawing parallels to notorious memecoin rug pulls. The warning comes as Solana’s ecosystem sees explosive growth in speculative token launches, testing the network’s reputation for credible decentralized finance projects.
