Solana Saga Smartphone Attracts Surprising Interest
Initially, the Solana Saga smartphone, launched in April, seemed to have moderate demand, causing its price to drop to $599 in August. However, this week, sales of the phone soared as Solana enthusiasts discovered that Saga owners were eligible to claim an airdrop of 30 million BONK, which was rapidly approaching the smartphone’s price. The current value of the airdropped BONK amounts to around $865, surpassing the price of the smartphone itself.
On Thursday, Solana founder Raj Gokal reported a ten-fold increase in sales over the previous 48 hours, and Solana Labs announced on Friday that the phone had completely sold out in the United States. Although a few units are still available in Europe, they are reportedly selling quickly.
Solana’s Success Drives BONK’s Surge
BONK’s recent surge can be attributed, at least in part, to the renewed interest in Solana and its native coin, SOL. Investors have been actively acquiring SOL, the sixth largest cryptocurrency, since November. Consequently, its price has experienced a significant increase.
Projects built on the Solana blockchain, such as BONK, have similarly enjoyed substantial value appreciation and recorded even more substantial gains. Launched last December, BONK was generously airdropped to Solana developers, project creators, and collectors. Since then, its value has experienced a significant spike.
As of now, BONK is ranked as the 47th largest cryptocurrency by market capitalization. Those who held onto their BONK tokens have reaped substantial profits. For instance, developers who received 25 billion BONK coins during last Christmas, initially worth approximately $300, would now have holdings worth about $715,000 if they had retained all of their tokens.
SOL Remains Strong Amid Market Decline
While most major cryptocurrencies have seen a slight decline, SOL has emerged as one of the few top 20 cryptocurrencies experiencing an upswing. Over the past day, SOL has surged by over 6%, currently trading at more than $76. Earlier today, it reached a 2023 high, surpassing $79.
Bitcoin, the leading cryptocurrency, has decreased by over 1% in the last 24 hours, with a price of $42,121. Ethereum, the second-largest cryptocurrency, has experienced a more significant decline, dropping nearly 2% and currently trading at $2,241. Other major coins and tokens have also exhibited negative price movements, with the exception of Avalanche (AVAX), which has recorded a nearly 6% increase in the past 24 hours.