In response to the overwhelming demand, Solana Mobile announced that the phone will be restricted to one device per household to ensure broader community participation in the Saga experience.
The frenzy surrounding Solana‘s crypto phone has reached a fever pitch after struggling to catch investors’ attention since its debut on May 8, 2023.
The move comes as memecoin enthusiasts scramble to capitalize on the meteoric rise of a fast-rising memecoin, Bonk (BONK), which has surged an astonishing 1,100% in the past month surpassing the market cap of its major memecoin rival Pepe to become the third largest token in the memecoin category.
Memecoins, notorious for their instability, rarely witness such explosive growth.
Solana Mobile Phone on Track to Sale Out
The smartphone dubbed “Solana Saga” became a hot commodity in the market, attracting new owners with the promise of a free 30 million BONK airdrop after purchase.
According to a CoinDesk report citing posts on the Saga’s Discord server, the BONK airdrop will be available to those who downloaded the BONK app from the phone’s crypto-forward custom app store.
“When you physically have the phone you will be able to mint ‘Genesis token’ through the ‘dApp store, [this token is eligible to claim the bonk drop,” said a user who identified themselves as an employee of Solana Mobile in the Discord server.
With the token currently trading at $0.0000283756 at press time, users who received the airdrop have generated 95% profits from the free tokens. The memecoin previously gained over 1,100% following its listing on Binance on December 15, 2023. Another crypto exchange, Coinbase, also announced it will list the token on its platform.
The price rally has transformed the airdrop into a lucrative arbitrage opportunity, propelling Solana phone sales to more than ten times their usual volume in the past 48 hours.
In a December 15 post on X (formerly Twitter), Solana co-founder Raj Gokal said the phone is now on track to sell out before the new year.
lol. just so everyone is aware, @solanamobile saga sales have >10x’d in the past 48 hours, and are now on track to sell out before the new year.https://t.co/SzKht4DTYL
— raj 🖤 (@rajgokal) December 14, 2023
The 30 million airdrops distributed to people who purchased the Saga phone have now generated $877, representing a $278 profit from the $599 they spent buying the phone.
Solana Saga’s spokesperson told Cointelegraph that the mobile phone sales surged to “millions of dollars worth” within the past 48 hours.
He further added, “very cool to see Solana community projects making Saga the ‘phone that pays for itself.’”
Solana to Review Its Mobile Phone Price
In response to the overwhelming demand, Solana Mobile announced that the phone will be restricted to one device per household to ensure broader community participation in the Saga experience.
We’re here to share the Saga experience with everyone. In light of the overwhelming response, we’re limiting Saga purchases to one per household. This ensures that more of our community can enjoy the Saga 📱
See you all in the discord!
— Solana Mobile 🌱 (@solanamobile) December 15, 2023
Solana co-founder Anatoly Yakavenko even suggested a price increase for the Saga following the recent buying spree.
The mobile struggled earlier following the decreased interest in network activities on the Solana blockchain due to the 2022 crypto winter, which affected the entire market.
However, interest in the ecosystem resurfaced with its native token SOL trading at $78 per token, according to CoinMarketCap data.
At first, the phone’s cost was placed at $999 before it was slashed to $599 in August following an onslaught of dwindling sales.
next
Source: https://www.coinspeaker.com/solana-phone-sales-bonk-frenzy/