As Degens scrambles for BONK, Solana phone sales soar.
After the recent price increase of Solana memecoin Bonk (BONK), Memecoin hopefuls are snapping up Solana’s cryptocurrency phones in droves. The price is up more than 1,100% in the last 30 days.
Since the launch of Solana phones on May 8, new owners have been able to claim an airdrop of 30 million Memecoins for free, but the recent rise in the price of the token has presented an interesting arbitrage opportunity for buyers.
“Solana phone sales have increased more than 10x 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 December 15 post on X (formerly Twitter).
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
At current prices, the 30 million BONK airdrop is worth an incredible $877. That’s $278 more than the Saga phone’s current price of $599. This is one of the most bizarre arbitrage opportunities available to cryptocurrency enthusiasts.
According to CoinGecko, Bonk has posted a massive 1,100% gain over the past 30 days. Recent price performance has resulted in Bonk’s market capitalization inverting that of its competitor, Memecoin Pepe. Memecoin is not known for its stability.
Sales growth was so strong that fellow Solana co-founder Anatoly Yakavenko suggested Increased the price of Saga. Bane Due to declining sales, the price increased from $999 to $599 in August.
A Solana spokesperson confirmed to Cointelegraph that Saga’s total sales in the past 48 hours have exceeded “multiple million dollars worth.” “It’s great to see the Solana community project to make Saga ‘a phone that pays for itself,’” the spokesperson added.
In response to the surge in purchasing activity, Solana Mobile announced that all future orders will be limited to one mobile device per household.
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
The frenzied sales marked a turning point for the long-struggling device.
Related: VanEck predicts that Solana prices will rise 10,600% by 2030.
On December 5, Yakovenko appeared on Laura Shin’s Unchained Podcast to discuss the Saga phone’s lackluster performance, saying he had seen no “signs” that the device could eventually sell a total of 50,000 units.
He also admitted that he prefers not to use the Solana Saga as his primary mobile device, but rather as an “NFT phone.”
Ultimately, trading opportunities depend on the hope that BONK will still be trading close to or above its current price by the time Solana devices arrive in users’ hands. Memecoin is known to be highly volatile, and rapid price changes are common.
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