Memecoin hopefuls have been snapping up Solana’s crypto phone in droves after a recent price hike for Solana memecoin Bonk (BONK), which has risen more than 1,100% in the last 30 days.
Since the Solana phone was launched on May 8, new owners have been able to claim a free 30 million airdrop of the memecoin, but a recent rise in the token’s price has presented an interesting arbitrage opportunity for buyers.
“Solana phone sales have > 10x’d in the past 48 hours, and are now on track to sell out before the new year,” wrote Solana co-founder Raj Gokal in a Dec. 15 post to X (formerly Twitter).
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
At current prices, the 30 million BONK airdrop is worth an astonishing $877 — $278 more than the current $599 price tag of the Saga phone — making it one of the more bizarre arbitrage opportunities available for crypto enthusiasts.
Bonk has posted an outsized gain of 1,100% in the last 30 days, according to CoinGecko. The recent price performance saw Bonk’s market cap flip that of competitor memecoin Pepe. Memecoins are not often known for their stability.
The uptick in sales was so strong that fellow Solana co-founder Anatoly Yakavenko suggested raising the price of the Saga — which was slashed from $999 to $599 in August following an onslaught of dwindling sales.
A Solana spokesperson confirmed to Cointelegraph that total Saga sales had topped “millions of dollars worth” within the past 48 hours. “Very cool to see Solana community projects making Saga the ‘phone that pays for itself,’” the spokesperson added.
Following the influx of buying activity, Solana Mobile announced that all future orders would be limited to one mobile device per household.
We’re here to share the Saga experience with everyone. In light of the overwhelming response, we’re limiting Saga purchases to one per household. This ensures that more of our community can enjoy the Saga
See you all in the discord!
— Solana Mobile (@solanamobile) December 15, 2023
The frenzy of sales stands as a turning point for the long-struggling device.
Related: VanEck predicts a 10,600% Solana price rally by 2030
On Dec. 5, Yakovenko appeared on Laura Shin’s Unchained Podcast to discuss the lackluster performance of the Saga phone, saying he hadn’t seen a “ton of signal” that the device could eventually sell 50,000 units in total.
Additionally, he admitted that he doesn’t use his Solana Saga as his primary mobile device, preferring to use it as his “NFT phone.”
Ultimately, the trade opportunity rests on the hope that BONK will still be trading near or above current prices by the time the Solana device arrives in the hands of the user. Memecoins are known for being volatile, with rapid price changes being common.
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