Enthusiasts of memecoins have been eagerly purchasing Solana’s cryptocurrency-enabled phone following a significant surge in the value of the Solana memecoin Bonk (BONK), which has seen an increase of over 1,100% in the past month.
Ever since the Solana phone’s debut on May 8, new buyers have had the chance to receive a complimentary airdrop of 30 million BONK tokens. The recent spike in the token’s value has created a unique arbitrage opportunity for purchasers.
Raj Gokal, Solana’s co-founder, announced in a Dec. 15 post on X (formerly known as Twitter) that, “Solana phone sales have increased more than tenfold in the last 48 hours, and they are expected to sell out before the end of the year.” At the current market rate, the 30 million BONK airdrop is valued at an impressive $877, which is $278 more than the Saga phone’s price of $599, making it an unusual yet lucrative arbitrage chance for crypto enthusiasts.
According to CoinGecko, Bonk has experienced a remarkable 1,100% gain in the last 30 days, even surpassing the market capitalization of its rival memecoin, Pepe. It’s worth noting that memecoins typically aren’t known for their market stability.
This surge in demand led Anatoly Yakovenko, another Solana co-founder, to suggest increasing the price of the Saga phone, which had been reduced from $999 to $599 in August due to declining sales. A Solana representative confirmed to Cointelegraph that the total sales of the Saga had reached “millions of dollars worth” in just the past 48 hours, adding, “It’s very cool to see Solana community projects making the Saga the ‘phone that pays for itself.’”
In response to the buying frenzy, Solana Mobile announced that future orders would be limited to one device per household. On Dec. 5, Yakovenko appeared on Laura Shin’s Unchained Podcast, discussing the Saga phone’s underwhelming performance and expressing doubts about reaching a sales target of 50,000 units. He also mentioned that he doesn’t use the Solana Saga as his primary phone, preferring it as his “NFT phone.”
Ultimately, the potential for profit hinges on whether BONK maintains its current or higher value by the time customers receive their Solana phones. Given the known volatility of memecoins, it’s uncertain what the market will look like in the near future.
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