Sales of the once-struggling Solana phone, Saga, have skyrocketed due to the popularity of the memecoin Bonk (BONK), offering an airdrop opportunity for phone buyers. Arbitrage traders are pursuing a 30 million BONK token airdrop available to every Saga phone owner, creating a significant surge in demand.
The Saga phone, equipped with special features for secure crypto storage, faced diminishing prospects just a week ago. However, a recent surge in the price of BONK, Solana’s dog-themed equivalent to Dogecoin, has ignited newfound interest. Solana co-founder Raj Gokal reported that Saga sales have surpassed 10 times their usual rate in the past 48 hours, putting them on track to sell out before the new year.
The appeal of BONK, coupled with the airdrop opportunity, has led to a turnaround story for Saga. Owners of the phone can claim a free 30 million BONK airdrop, which, at current prices, is valued at an astonishing $877—$278 more than the Saga phone’s $599 price tag. This creates a unique arbitrage opportunity for crypto enthusiasts.
Bonk has experienced an extraordinary gain of 1,100% in the last 30 days, flipping its market cap with competitor memecoin Pepe. Despite the volatility associated with memecoins, the surge in BONK’s price has driven a frenzy of buying activity for the Saga phone.
Solana co-founder Anatoly Yakovenko even suggested raising the price of the Saga phone due to the unexpected surge in demand. A Solana spokesperson confirmed that total Saga sales had surpassed “millions of dollars worth” within the past 48 hours, highlighting the device as the “phone that pays for itself” within the Solana community.
To manage the influx of buyers, Solana Mobile announced a limitation of one mobile device per household for all future orders. This surge in sales marks a significant turning point for the once-struggling Saga phone, showcasing the unpredictable dynamics of the crypto market. The trade opportunity hinges on the expectation that BONK’s price will remain high or increase by the time the Solana device reaches users, acknowledging the inherent volatility of memecoins.