Solana Saga Phone Sales Surge with BONK Airdrop, Offering a Unique Crypto Arbitrage Opportunity
Crypto News – At present, the value of the complimentary BONK airdrop for Saga phone owners is an impressive $877, rendering it a “self-paying phone” at least for the time being.
Enthusiasts of memecoins have been eagerly acquiring Solana’s cryptocurrency-enabled phone, following the notable surge in the value of the Solana memecoin Bonk (BONK), which has witnessed an increase exceeding 1,100% in the past month.
Ever since the launch of the Solana phone on May 8, new owners have had the privilege of claiming a gratis airdrop of 30 million BONK tokens. The recent escalation in the token’s value has carved out a unique arbitrage opportunity for purchasers.
In a post on X (previously known as Twitter) dated December 15, Solana co-founder Raj Gokal revealed that sales of the Solana phone have escalated more than tenfold in the past 48 hours and are now anticipated to reach sell-out status before the onset of the new year.
At the current market rate, the 30 million BONK airdrop stands at a remarkable $877 – which is $278 more than the ongoing $599 cost of the Saga phone, marking it as one of the more peculiar arbitrage chances for crypto aficionados.
According to data from CoinGecko, Bonk has experienced a significant gain of 1,100% in the last 30 days. This recent surge in price has led Bonk’s market capitalization to surpass that of its rival memecoin Pepe. Stability is not a typical characteristic of memecoins.
This dramatic increase in sales prompted Anatoly Yakavenko, another co-founder of Solana, to propose a price hike for the Saga, which had previously been reduced from $999 to $599 in August due to decreasing sales.
A spokesperson for Solana confirmed to Cointelegraph that the total sales of the Saga had exceeded “millions of dollars” in just the past 48 hours. The spokesperson added, “It’s really exciting to witness Solana community projects turning the Saga into a ‘self-paying’ phone.”
In response to the surge in purchasing activity, Solana Mobile has announced that future orders will be restricted to one mobile device per household.
This surge in sales marks a significant turning point for the device, which had previously been struggling.
On December 5, Yakovenko appeared on Laura Shin’s Unchained Podcast to discuss the disappointing performance of the Saga phone, indicating that there wasn’t much evidence to suggest the device could eventually reach a total sales figure of 50,000 units.
Moreover, he admitted to not using his Solana Saga as his primary mobile device, instead preferring it as his “NFT phone.”
Ultimately, the potential for profit in this trade hinges on the hope that BONK’s value will remain near or above its current price by the time the Solana device is delivered to users. Memecoins are notorious for their volatility and rapid fluctuations in price.
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