Solana’s SOL Spiked 15% on a Suggestive Tweet From Google Cloud

“Should we tell our followers the big news?” Google Cloud tweeted an hour before revealing what it was doing with Solana.

AccessTimeIconNov 5, 2022 at 4:44 p.m. UTC
Updated Nov 7, 2022 at 3:22 p.m. UTC
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Nick Baker is CoinDesk's deputy editor-in-chief. He owns small amounts of BTC and ETH.

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The SOL native token for Solana surged about 15% after Google Cloud tagged the blockchain’s co-founder in a tweet that suggested an important disclosure was in the offing.

“Hey @aeyakovenko,” the cloud-services giant tweeted Saturday, “Should we tell our followers the big news?”

Google Cloud an hour later – after SOL had leapt – tweeted what this was about: “Now that we got your attention ... check this out: Google Cloud is running a block-producing @solana validator to participate in and validate the network.”

While such a vague yet market-moving disclosure might not technically run afoul of financial regulations, it does raise the question of whether it’s OK to pump up the price of an asset with security-like qualities in this manner.

Solana, which has so far not lived up to the hype that it’s an industrial-grade blockchain well-suited for modern finance, is undergoing an infrastructure overhaul overseen by Jump Crypto.

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Nick Baker is CoinDesk's deputy editor-in-chief. He owns small amounts of BTC and ETH.