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Bonk’s surging price has caused Solana’s Saga phones to sell out in the US as customers rush to cash in on the offer of 30 million BONK tokens for every purchase.
With Bonk soaring 1,111% in the past month, and 86% today alone, the tokens are worth about $870 at 11:50 a.m. EST – more than the phone itself. With the phone priced at $599, a customer could buy it, sell BONK tokens, and pocket a paper profit of $271.
“Saga sales have >10x’d in the past 48 hours, and are now on track to sell out before the new year,” tweeted Solana co-founder Raj Gokal on Dec. 14, before the phone had sold out.
lol. just so everyone is aware, @solanamobile saga sales have >10x’d in the past 48 hours, and are now on track to sell out before the new year.https://t.co/SzKht4DTYL
— raj 🖤 (@rajgokal) December 14, 2023
But there’s no guarantee that a profit will be made on the purchases because buyers receive the tokens once the phones are delivered. Should Bonk’s price plunge, as speculative tokens often do, the paper gains will evaporate.
30 Million BONK Tokens Worth Just $16 In May
The offer of BONK tokens had been available since the phones were launched on May 8, when 30 million Bonk tokens were worth just $16.
The sell out of the Saga phones comes barely ten days after Solana Labs co-founder Anatoly Yakovenko deplored the phones not selling as well as had been hoped during an appearance on the Unchained Podcast.
Solana first unveiled its plan to venture into the telecoms space with a new Android phone called Saga about a year. ago.
Wow, what a day 🔥🔥🔥
We’ve officially SOLD OUT of Saga phones in the US! A huge thanks to everyone who’s been part of this journey ♥️
To our frens in Europe, we’ve still got a few left for you.
Stay tuned for what’s next 🫡
— Solana Mobile 🌱 (@solanamobile) December 15, 2023
Meme coin tokens are on a tear recently as sentiment in the crypto market is boosted by the prospect of the approval of spot Bitcoin ETFs early next year and this week’s indication by the Federal Reserve that it’s ended its historic monetary tightening.
That’s sent investors on a search for the next shooting star like Bonk. While there are multiple contenders, including several other dog-themed coins like Bonk, one analyst says that Meme Kombat, a GameFi token in presale, is among his favorites.
The project is currently in presale and is close to reaching its price target of $3.5 million after a whale bought tokens worth $200,000.
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