Solana’s crypto-focused smartphone, Saga, officially sold out in the US this week after demand exploded due to the meteoric rise of Bonk, a Solana-based meme coin.
Keypoints
- Solana’s crypto phone Saga sold out in the US amid huge demand
- Demand surged due to the price of meme coin BONK skyrocketing after exchange listings
- Saga phone buyers get a free airdrop of 30 million BONK tokens, worth over $800 at current prices
- To allow more people to buy, Solana Mobile limited sales to 1 phone per household
- Only about 5,000 Sagas left for the European market, all sold out in the US
On December 13th, Bonk’s price catapulted to an all-time high following announcements that top exchanges Coinbase and Binance would list the formerly obscure token. Traders eager to capitalize on Bonk mania rushed to get their hands on the Saga phone and its accompanying 30 million Bonk token airdrop, valued at nearly $900 at the time.
The Solana Mobile team struggled to keep up with orders as sales of the $599 Android device surged tenfold in just two days. “We are here to share the Saga experience with everyone,” they tweeted. “Given the overwhelming response, we are limiting Saga purchases to one per household.”
Wow, what a day ????????????
We’ve officially SOLD OUT of Saga phones in the US! A huge thanks to everyone who’s been part of this journey ♥️
To our frens in Europe, we’ve still got a few left for you.
Stay tuned for what’s next ????
— Solana Mobile ???? (@solanamobile) December 15, 2023
Just hours later, Solana co-founder Raj Gokal revealed there were fewer than 5,000 units remaining, exclusively for Europe. The supply for the US had been completely depleted.
The Saga phone first launched in mobile beta back in May 2022, promising a “portal to Web3” with features designed specifically for cryptocurrency power users. The initial $999 price tag was reduced in August in an effort to attract more customers.
But it wasn’t until the Bonk token giveaway and Coinbase listing ignited a renewed meme coin mania that demand truly took off. Over the last 30 days, Bonk posted staggering gains above 980%, making the 30 million free tokens per Saga phone worth double the $599 device cost itself.
FOMO over missing out on Bonk’s moonshot potential prompted droves of traders to purchase the Web3 smartphones and cash in on profit-turning airdrops. Some buyers immediately resold the free Bonk for quick returns without even taking the Saga out of its packaging.
For Solana Mobile, the supply shortage represents both positives and challenges. While sold out status generates buzz, some customers interested solely due to Bonk may lose interest when supply is replenished. Nonetheless, the team achieved their goal of placing more Sagas into wider community hands.
Source: https://blockonomi.com/bonk-fever-how-a-meme-coin-mania-sold-thousands-of-solanas-crypto-phones-overnight/