Some customers’ Solana Saga phone orders have been canceled due to inventory issues.
Last week, demand for the device surged after the price of the Solana-based memecoin bonk surged 135% in 24 hours, providing arbitrage opportunities for traders. The Saga phone comes with 30 million Bonk tokens along with other incentives. This makes it worth more than just the device at recent prices. The company’s limited stock of 20,000 phones sold out immediately in the US and EU.
“In the process of processing orders, we became aware that inventory management issues with our third-party distributor were causing our inventory to be displayed inaccurately,” the Solana Mobile Project behind the phone posted to X. To fulfill orders placed after stocks run out.”
Solana Mobile said it has notified all affected customers and expects them to receive refunds within the next few days. We apologize for any inconvenience caused. Customers who have not received a cancellation notice should receive a delivery notice by the end of the year, he added.
In addition to inventory issues, Solana Mobile said some orders were also canceled after being reported for “suspicious activity due to excessive device orders or payment risks.”
Bonk does crazy things
Solana-based memecoin Bonk went parabolic this month, soaring more than 800% from $0.0000038 to a high of $0.000035 on December 15, the day the phone sold out. However, according to The Block’s bonk price page, bonk has since fallen 46% to its current price of $0.000019.
BONK/USD price chart. Image: Block/TradingView.
At its peak, the 30 million bonk tokens that came with the Saga phone were valued at $1,140, 90% more than the device’s $599 price tag, compared to just a few dollars when the device was first released.
As the hype surrounding Bonk and potential airdrops for phone owners continues, at least two Saga phones were reportedly sold on eBay for up to $5,000 over the weekend. While some sellers have the devices in stock, many others appear to still be waiting for their phones to be delivered.
However, the price of the Bonk token has since fallen, and its current value has reached $570, which is less than the price of a mobile phone. Arbitrage opportunities have always been a risky move given the lead time. Customers have purchased phones for that purpose and are now hoping that the bonk token price will reverse by the time they receive their devices.
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