BONK Memecoin’s Success Fuels Surge in Solana Saga Phone Sales
In Brief
Solana co-founder Raj Gokal reported a 10x increase in phone sales in last 48 hours, the surge being associated with BONK coin’s rally.
Solana’s crypto phone sales skyrocketed following a price increase in its associated memecoin, Bonk (BONK). The memecoin’s value has soared by over 1,100% in the past 30 days, sparking a buying frenzy among cryptocurrency enthusiasts.
New owners of the Solana phone, launched on May 8 this year, were entitled to claim a free 30 million BONK airdrop. The recent rise in BONK’s price has transformed the phone into a unique arbitrage opportunity, with the airdrop currently valued at $877, exceeding the phone’s $599 price tag.
Solana co-founder Raj Gokal reported a more than tenfold increase in phone sales within 48 hours, with projections to sell out before the new year. This surge in demand represents a significant turnaround for the previously struggling device.
lol. just so everyone is aware, @solanamobile saga sales have >10x'd in the past 48 hours, and are now on track to sell out before the new year.https://t.co/SzKht4DTYL
— raj 🖤 (@rajgokal) December 14, 2023
Bonk’s Market Performance Outshines Competitors
Bonk’s dramatic gain enabled it to surpass the market cap of its competitor memecoin Pepe, despite the general perception of memecoins as volatile rather than stable.
The unexpected uptick in sales led Solana co-founder Anatoly Yakovenko to suggest increasing the Saga phone’s price, previously reduced from $999 to $599 in August due to slow sales.
A Solana spokesperson confirmed to Cointelegraph that the Saga’s sales had reached “millions of dollars worth” in just 48 hours, emphasizing the device’s appeal as a “phone that pays for itself.”
In response to the overwhelming demand, Solana Mobile announced a limitation on future orders, restricting purchases to one mobile device per household.
The recent sales frenzy marks a significant shift in the fortune of the Saga phone, which had previously faced lackluster performance. Co-founder Yakovenko even admitted on Laura Shin’s Unchained Podcast that he uses the Solana Saga primarily as his “NFT phone,” rather than his main mobile device.
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Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
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Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
