- Last week, a 135% increase in the price of the Solana-based memecoin BONK in a 24-hour period, presenting arbitrage opportunities for traders, led to a surge in demand for the device.
- Solana Mobile announced that all affected customers have been informed and apologized for the situation, stating that they will receive a refund in the coming days.
- Solana-based memecoin BONK experienced a parabolic rise this month, reaching over 800% by December 15, peaking at $0.000035.
Solana Mobile has revealed that it canceled some orders for Solana Saga phones: Demand is increasing for Saga phones!
Solana Cancels Some Orders for Saga Phones
Some orders placed by customers for Solana Saga phones have been canceled due to an inventory error. Last week, a 135% increase in the price of the Solana-based memecoin BONK in a 24-hour period, presenting arbitrage opportunities for traders, led to a surge in demand for the device.
The Saga phone includes 30 million bonk tokens, making it more valuable than the device itself, especially in recent prices. The company’s limited stocks quickly ran out in the US and EU.
In a message posted on X, the Solana Mobile project behind the phone stated, “In our efforts to fulfill orders, we learned of an inventory management issue with our third-party distributor that resulted in a misrepresentation of our inventory. Unfortunately, this has led to our inability to fulfill orders placed when the inventory was depleted.” Additionally, it stated, “Therefore, unfortunately, we cannot fulfill orders placed after the inventory is depleted.”
Solana Mobile apologized for this situation, stating that all affected customers have been informed and will receive a refund in the coming days. It added that customers who did not receive a cancellation notice should expect a shipping notification by the end of the year. In addition to the inventory issue, some orders were canceled due to “suspicious activity, such as excessive device orders or payment risk,” said Solana Mobile.
Bonk Goes Wild
Solana-based memecoin BONK experienced a parabolic rise this month, reaching over 800% by December 15, peaking at $0.000035 – the day the phones ran out. However, bonk has sharply declined since then. At its peak, the 30 million bonk tokens that came with the Saga phone, valued at more than a few dollars when the device was initially released, were worth $1,140, which is 90% more than the device’s $599 cost.
It was reported that at least two Saga phones were sold on eBay for up to $5,000 due to the enthusiasm around bonk and expectations for potential future airdrops to phone owners. While some sellers already possess the device, many sellers still seem to be waiting for the phone to be shipped.
However, the recent drop in the price of bonk tokens currently places this value at $570, below the cost of the phone. The arbitrage opportunity was always a risky move, as customers were hoping for a turnaround in the price of bonk tokens until the time they received their devices.
