Surge in Bonk Memecoin Price Drives Demand for Solana's Crypto-Enabled Phone
Summary:
Following a major price increase of the Solana memecoin Bonk, investors are swiftly purchasing Solana's cryptocurrency phone. The Saga phone, priced at $599, comes with a free airdrop of 30 million BONK tokens currently worth $877. This unexpected value surge has driven a tenfold increase in phone sales within 48 hours, according to Solana's co-founder, Raj Gokal. Future orders for the phone are now restricted to one device per household due to the surge in demand. Co-founder Anatoly Yakavenko had previously discussed the phone's underwhelming performance, leaving the value of BONK and the future of the phone under uncertain speculation.
Investors in digital coins are rushing to purchase Solana's cryptocurrency-enabled phone due to a recent surge in the value of Solana memecoin Bonk (BONK), which has escalated over 1,100% in the past month. Since the phone's release on May 8, it came with the benefit of claiming a no-cost airdrop of 30 million memecoins. The recent rise in the crypto's value offers a unique cost benefit for purchasers. Raj Gokal, the Co-Founder of Solana, mentioned in a December 15 post to X (previously known as Twitter) that sales of Solana phones have increased by more than ten times in the last 48 hours, and are projected to be completely sold out before the year ends.
At present rates, the gifted 30 million BONK airdrop has a staggering value of $877 - $278 higher than the current $599 price tag of the Saga phone, making it a peculiar bargain for cryptocurrency enthusiasts. Over the last month, the value of Bonk, as per CoinGecko data, has increased by 1,100%. This surge resulted in Bonk’s market cap surpassing that of rival memecoin Pepe. Although memecoins are known for their fluctuation, the surge in sales was so substantial that Anatoly Yakavenko, Solana's Co-Founder, suggested increasing the price of the Saga phone, which had been previously reduced from $999 to $599 in August due to a decline in sales.
A Solana representative confirmed to Cointelegraph that within the last 48 hours, total sales of Saga devices have exceeded the “millions of dollars” mark. The representative said it was “very cool” to see Solana community projects make the Saga the first ever phone that pays for itself. After the incoming rush of sales, Solana Mobile stated that henceforth, all future orders would be limited to one device per household.
This sudden surge in sales marks a significant turnaround for the once struggling gadget. On December 5, Yakovenko featured on Laura Shin’s Unchained Podcast where he talked about the lackluster performance of the Saga phone, expressing doubts that it could ultimately sell 50,000 units. Moreover, he confessed to not using his own Solana Saga as his primary phone, instead using it as his “NFT phone.”
The bargain lies in the anticipation that BONK will continue to trade near or above current prices by the time the Solana device reaches the purchaser. However, due to memecoins' volatility, the trajectory of its value is uncertain.
Published At
12/15/2023 8:21:34 AM
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