In response to the overwhelming demand, Solana Cellular introduced that the cellphone shall be restricted to 1 machine per family to make sure broader group participation within the Saga expertise.
The frenzy surrounding Solana‘s crypto phone has reached a fever pitch after struggling to catch investors’ consideration since its debut on Could 8, 2023.
The transfer comes as memecoin fanatics scramble to capitalize on the meteoric rise of a fast-rising memecoin, Bonk (BONK), which has surged an astonishing 1,100% prior to now month surpassing the market cap of its main memecoin rival Pepe to grow to be the third largest token within the memecoin class.
Memecoins, infamous for his or her instability, hardly ever witness such explosive progress.
Solana Cellular Telephone on Observe to Sale Out
The smartphone dubbed “Solana Saga” grew to become a scorching commodity available in the market, attracting new house owners with the promise of a free 30 million BONK airdrop after buy.
In keeping with a CoinDesk report citing posts on the Saga’s Discord server, the BONK airdrop shall be out there to those that downloaded the BONK app from the cellphone’s crypto-forward customized app retailer.
“When you physically have the phone you will be able to mint ‘Genesis token’ through the ‘dApp store, [this token is eligible to claim the bonk drop,” stated a person who recognized themselves as an worker of Solana Cellular within the Discord server.
With the token at present buying and selling at $0.0000283756 at press time, customers who acquired the airdrop have generated 95% income from the free tokens. The memecoin beforehand gained over 1,100% following its listing on Binance on December 15, 2023. One other crypto alternate, Coinbase, additionally introduced it’s going to checklist the token on its platform.
The value rally has remodeled the airdrop right into a profitable arbitrage alternative, propelling Solana cellphone gross sales to greater than ten instances their regular quantity prior to now 48 hours.
In a December 15 put up on X (previously Twitter), Solana co-founder Raj Gokal stated the cellphone is now on observe to promote out earlier than the brand new yr.
lol. simply so everyone seems to be conscious, @solanamobile saga gross sales have >10x’d prior to now 48 hours, and at the moment are on observe to promote out earlier than the brand new yr.https://t.co/SzKht4DTYL
— raj 🖤 (@rajgokal) December 14, 2023
The 30 million airdrops distributed to individuals who bought the Saga cellphone have now generated $877, representing a $278 revenue from the $599 they spent shopping for the cellphone.
Solana Saga’s spokesperson informed Cointelegraph that the cell phone gross sales surged to “millions of dollars worth” inside the previous 48 hours.
He additional added, “very cool to see Solana community projects making Saga the ‘phone that pays for itself.’”
Solana to Evaluation Its Cellular Telephone Value
In response to the overwhelming demand, Solana Cellular introduced that the cellphone shall be restricted to 1 machine per family to make sure broader group participation within the Saga expertise.
We’re right here to share the Saga expertise with everybody. In gentle of the overwhelming response, we’re limiting Saga purchases to 1 per family. This ensures that extra of our group can benefit from the Saga 📱
See you all within the discord!
— Solana Cellular 🌱 (@solanamobile) December 15, 2023
Solana co-founder Anatoly Yakavenko even urged a value improve for the Saga following the current shopping for spree.
The cellular struggled earlier following the decreased curiosity in community actions on the Solana blockchain because of the 2022 crypto winter, which affected all the market.
Nonetheless, curiosity within the ecosystem resurfaced with its native token SOL buying and selling at $78 per token, in keeping with CoinMarketCap knowledge.
At first, the cellphone’s price was positioned at $999 earlier than it was slashed to $599 in August following an onslaught of dwindling gross sales.
