In response to overwhelming demand, Solana Mobile announced that phone use will be limited to one device per household to ensure broader community participation in the Saga experience.
The craze surrounding Solana’s cryptocurrency phone has reached a peak after struggling to attract investor attention since its debut on May 8, 2023.
This move comes as memecoin enthusiasts are scrambling to capitalize on the rapid rise of Bonk (BONK), a fast-rising memecoin. Bonk (BONK) has surged a whopping 1,100% over the past month, becoming the third company to surpass the market capitalization of its major memecoin competitor, Pepe. Memecoin is the largest token in the category.
Memecoin, notorious for its instability, rarely sees such explosive growth.
Solana mobile phone to be sold soon
A smartphone called “Solana Saga” has become 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 a post on Saga’s Discord server, the BONK airdrop will be available to those who download the BONK app from their phone’s cryptocurrency custom app store.
“Once you have physical possession of the phone, you can mint ‘Genesis tokens’ through the dApp store,” said a user on Discord who identified himself as an employee of Solana Mobile. (These tokens are eligible to claim bonk drops,” said Servant.
Users who received the airdrop have made a 95% return on their free tokens, as the token is currently trading at $0.0000283756 at press time. MEMCOIN has previously risen more than 1,100% since being listed on Binance on December 15, 2023. Coinbase, another cryptocurrency exchange, also announced that it would list the token on its platform.
Rising prices have turned the airdrop into a lucrative arbitrage opportunity, with sales of Solana phones rising more than ten times higher than usual in the last 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. So that everyone knows, @solanamobile Saga sales have increased more than tenfold in the last 48 hours and are now expected 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 Saga phones have now generated $877, or $278 off the $599 they spent on the phones.
A Solana Saga spokesperson told Cointelegraph that phone sales have surged to “multiple million dollars worth” in the past 48 hours.
He also added, “It’s great to see the Solana community project to make Saga ‘a phone that pays for itself.’”
Solana Reviews Mobile Phone Pricing
In response to overwhelming demand, Solana Mobile announced that phone use will be limited to one device per household to ensure broader community participation in the Saga experience.
We are here to share our Saga experience with everyone. Given the overwhelming response, we are limiting Saga purchases to one per household. This will allow more of our community to enjoy Saga 📱
See you all in discord!
— Solana Mobile 🌱 (@solanamobile) December 15, 2023
Solana co-founder Anatoly Yakavenko also suggested raising the price of Saga following a recent surge in purchases.
Mobile initially suffered as the crypto winter of 2022 reduced interest in network activity on the Solana blockchain, which impacted the overall market.
However, interest in the ecosystem has reemerged, with native token SOL trading at $78 per token, according to CoinMarketCap data.
The phone was initially priced at $999, but was cut to $599 in August due to declining sales.
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