Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Solana Mobile plans to launch cheaper Saga successor: report

Solana Mobile plans to launch cheaper Saga successor: report

The BlockThe Block2024/01/16 11:46
By:The Block

Quick Take: Solana Mobile is planning to launch a cheaper successor to the Saga crypto smartphone, CoinDesk reported. Demand for Saga devices surged in December amid an arbitrage opportunity presented by the 30 million bonk tokens that come with the phone.

Solana Mobile plans to launch cheaper Saga successor: report image 0 Solana Mobile is planning to launch a successor to its Saga crypto smartphone, tapping into a surge in demand for the device since late last year, according to a person familiar with the matter, CoinDesk reported.

The new phone will include the same features as Saga — including a built-in crypto wallet, dapp store and custom Android software — but will use different hardware and offer the device at a cheaper price, the person said.

The Saga phone was priced at $1,000 on launch but was later reduced to $599 after the device initially struggled to gain traction. That suddenly changed in December as the price of the Solana-based memecoin bonk went parabolic, presenting an arbitrage opportunity given the device came with 30 million of the tokens. The firm’s limited stock of 20,000 phones promptly sold out in the U.S. and EU, with some orders canceled and refunded following inventory issues.

Saga airdrop hype continues

Bonk BONK +0.64% surged by over 800% last month from $0.0000038 to a peak of $0.000035 on Dec. 15 — the day the phones sold out. However, bonk has since fallen sharply, down 60% to a current price of $0.000014, according to The Block's price page .

BONK/USD price chart. Image: The Block/TradingView .

At its peak, the 30 million bonk tokens that came with Saga phones, only worth a few dollars when the device first launched, were valued at $1,140 — 90% more than the device’s $599 cost. However, the subsequent fall in the price of bonk tokens currently places that value at $420, below the phone's price. 

Despite the drop, at least two Saga phones were reportedly sold for as much as $5,000 on eBay, and secondary device sales are still receiving bids as high as $3,200 as the hype surrounding potential future airdrops for phone holders continues. 

Solana Mobile did not respond to a request for comment from The Block.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Why are Altcoin Sluggish? Analysis Company Reveals the Forecast Course of Altcoins for the Next Period

Cryptocurrency analysis company Alphractal evaluated the latest status of altcoins in its statement. Here are the details.

Bitcoinsistemi2024/11/17 08:22

XRP rises over 20%, spurred by favorable regulatory environment, ETF filing

The price of Ripple’s XRP token has rocketed up over 20% in the past 24 hours, likely buoyed by hopes of a favorable regulatory environment and the resolution of its long-running legal battle with the SEC.21Shares recently filed for an XRP ETF, hoping to bring a fund to market in the likeness of its spot Bitcoin and Ethereum ETFs.

The Block2024/11/17 02:26