Solana’s crypto phone has witnessed a surge in demand from Memecoin enthusiasts following a remarkable price surge of over 1,100% in the past month for the Solana-based Memecoin, Bonk (BONK).
Since the release of the Solana phone on May 8th, new owners have been eligible for a generous 30 million BONK airdrop.
However, the recent surge in the token’s value has created an intriguing arbitrage opportunity for potential buyers.
In a December 15th post on X (formerly Twitter), Raj Gokal, co-founder of Solana, revealed that Solana phone sales had surged by more than 10 times in the last 48 hours, hinting at the likelihood of them selling out before the new year.
This astonishing demand can be attributed to the increased value of the 30 million BONK airdrop, which now amounts to an impressive $877 – $278 more than the phone’s current price of $599.
This situation has created an unusual arbitrage opportunity for crypto enthusiasts.
Bonk’s extraordinary 1,100% gain in the past 30 days, as reported by CoinGecko, led to Bonk surpassing the market cap of its rival Memecoin, Pepe. Memecoins are generally characterized by their volatility and instability.
The remarkable surge in sales even prompted Anatoly Yakavenko, another Solana co-founder, to suggest increasing the price of the Saga phone.
The Saga’s price had been reduced from $999 to $599 in August due to declining sales.
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A Solana spokesperson confirmed that Saga sales had exceeded “millions of dollars” in the past 48 hours, showcasing the impact of community projects on the device’s success.
In response to the overwhelming demand, Solana Mobile announced restrictions, limiting future orders to one mobile device per household.
This frenzy of sales signifies a significant turnaround for the Saga phone, which had been struggling for an extended period.
In a December 5th appearance on Laura Shin’s Unchained Podcast, Yakovenko had expressed doubts about the device’s ability to sell 50,000 units and admitted to using his Solana Saga primarily as an “NFT phone.”
Ultimately, the potential profit from this trade opportunity hinges on the assumption that BONK’s price will either remain stable or rise by the time the Solana device is in the hands of its users.
The volatile nature of Memecoins, with rapid price fluctuations, adds an element of uncertainty to this opportunity.
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