Over the past 24 hours, major blockchain tokens have experienced a significant drop of over 20%, following allegations by the SEC that 13 tokens are securities. Solana and Cardano saw the most significant losses, dropping up to 25% in a short period. Speculation suggests a major crypto fund may have offloaded its holdings during these illiquid market conditions.

The SEC's classification of these tokens as securities has generated uncertainty and caution within the crypto market, leading to a risk-off sentiment among investors and triggering a wave of selling pressure. The outcome of the SEC lawsuit and any subsequent regulatory actions will likely impact the future trajectory of major tokens.