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Solana cellphone gross sales skyrocket as degens scramble for pumped-up BONK

15 Dec 2023
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Memecoin hopefuls have been snapping Solana’s crypto cellphone in droves after a latest value hike for Solana memecoin Bonk (BONK), which has risen greater than 1,100% within the final 30 days. 

Because the Solana cellphone was launched on Could 8 this yr, new homeowners have been capable of declare a free 30 million airdrop of the memecoin, however a latest rise within the token’s value has offered an attention-grabbing arbitrage alternative for consumers.

“Solana cellphone gross sales have >10x’d previously 48 hours, and at the moment are on monitor to promote out earlier than the brand new yr,” wrote Solana co-founder Raj Gokal in a Dec. 15 put up to X (previously Twitter).

At present costs, the 30 million BONK airdrop is price an astonishing $877 — $278 greater than the present $599 price ticket of the Saga cellphone — rendering it one of many more unusual arbitrage alternatives out there for crypto lovers. 

Bonk has posted an outsized achieve of 1,100% within the final 30 days, per CoinGecko data. The latest value efficiency noticed Bonk’s market cap flip that of competitor memecoin Pepe. Memecoins aren’t usually identified for his or her stability.

The uptick in gross sales was so sturdy that fellow Solana co-founder Anatoly Yakavenko suggested elevating the value of the Saga — which was slashed from $999 to $599 in August following an onslaught of dwindling gross sales.

Solana’s Saga cellphone has seen “hundreds of thousands of {dollars} price” of gross sales previously 24 hours. Supply: Solana Cell

A Solana spokesperson confirmed with Cointelegraph that whole Saga gross sales had topped “hundreds of thousands of {dollars} price” inside the previous 48 hours. “Very cool to see Solana group tasks making Saga the ‘cellphone that pays for itself,’” the spokesperson added.

Following the inflow of shopping for exercise, Solana Cell introduced that every one future orders can be restricted to 1 cell gadget per family.

The frenzy of gross sales stands as a turning level for the long-struggling gadget.

Associated: VanEck predicts a 10,600% Solana price rally by 2030

On Dec. 5, Yakovenko appeared on Laura Shin’s Unchained Podcast to debate the lackluster efficiency of the Saga cellphone, saying he hadn’t seen a “ton of sign” that the gadget may ultimately promote 50,000 models in whole.

Moreover, he admitted that he doesn’t use his Solana Saga as his main cell gadget, preferring to make use of it as his “NFT cellphone.”

Finally, the commerce alternative rests on the hope that BONK will nonetheless be buying and selling close to or above present costs by the point the Solana gadget arrives within the palms of the consumer. Memecoins are identified for being risky and it’s unknown what is going to occur within the subsequent 

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