Solana phone sales soared as DJs searched for full BONK
Memecoin hopefuls have been snapping up Solana's cryptocurrency after a recent price hike for Solana's memecoin, Bonk (BONK), which is up more than 1,100% in the past 30 days.
Since Solana Phone launched on May 8 this year, new owners have been able to claim a free 30 million MemCoin airdrop, but the recent increase in the token's value has presented buyers with an interesting arbitrage opportunity.
“Solana phone sales have >10x'd in the last 48 hours, and are now on track to sell out before the New Year,” Solana co-founder Raj Gokal wrote in a Dec. 15 post on X (formerly Twitter).
lol. Just so everyone knows @solanamobile saga sales have >10x'd in the last 48 hours and are on track to sell out before the new year.https://t.co/SzKht4DTYL
— Raj (@rajgokal) December 14, 2023
At current prices, a 30 million BONK airdrop is worth an astonishing $877 – $278 more than the Saga Phone's current price of $599 – making it one of the most intriguing arbitrage opportunities available to crypto enthusiasts.
Bonk has posted a whopping 1,100% gain over the past 30 days, according to CoinGecko data. Recent price performance has seen Bonk's market cap drop from rival memecoin Pepe. Memecoins are often not known for their stability.
The increase in sales was so strong that Anatoly Yakavenko, co-founder of Solana, proposed to raise the price of the Saga – it was reduced from $ 999 to $ 599 in August, following the decrease in sales.
A Solana spokesperson confirmed to Cointelegraph that total Saga sales have topped “millions of dollars” in the past 48 hours. “It's great to see Solana Community Projects making Saga a ‘phone that pays for itself,'” added the spokesperson.
Following the surge in purchasing activity, Solana Mobile has announced that all future orders will be limited to one mobile device per household.
We are here to share Saga experience with everyone. Due to the overwhelming response, we are limiting Saga purchases to one per family. This proves that many of our community can enjoy the saga
See you all in the debate!
— Solana Mobile (@solanamobile) December 15, 2023
The sales frenzy stands as a turning point for the long-struggling device.
Related: VanEck predicts 10,600% Solana price rally by 2030
On December 5, Yakovenko appeared on Laura Shin's Unexpected podcast to discuss the weak performance of the Saga phone, saying that the device did not see a “ton mark” that could eventually sell 50,000 units in total.
Additionally, Solana admitted that he doesn't use the Saga as a primary mobile device, preferring to use it as an “NFT phone”.
Finally, the trading opportunity is based on the expectation that BONK will still be trading close to or higher than the current price when the Solana device is in the hands of the user. Memecoins are known for being volatile and it is never known what will happen next.
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