Benzinga - Solana (CRYPTO: SOL) Saga phones, which previously had trouble finding buyers, have sold out, fetching prices as high as $5,000 on eBay.
What Happened: This sudden sales boost can be attributed to a frenzy surrounding the free Bonk memecoin airdrop included with each phone.
Cointelegraph reports that Solana Saga phones sold out both on their official website and on eBay for the first time, due to a surge in demand for the complimentary Bonk memecoin airdrop. The phones were sold for up to $5,000, over eight times their retail price.
lol.. What?Solana Saga is selling for 5x the original price on eBay! https://t.co/pElRSlSCx7 pic.twitter.com/nQJx6mFL6a
— Gary (@gameofbitcoin) December 17, 2023
An eBay listing from Dec. 16 shows two boxed phones sold for a “best offer” price of $5,000, and another device sold for $3,316. Over the subsequent weekend, an additional 20 phones were sold for more than $2,000, a significant increase from their original $599 price.
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Since the Saga phone’s launch on May 8, each new phone has been accompanied by a free airdrop of 30 million Bonk tokens. A recent price surge in Bonk, which traders noticed last week, made the free airdrop more valuable than the phone itself, leading to the phones selling out on Dec. 16.
These phone purchasers may be speculating on the continued rise of the memecoin. Bonk has surged nearly 800% in the last 30 days, gaining widespread popularity among memecoin enthusiasts and traders.
However, to turn a profit from the $5,000 price tag, Bonk would need to grow a further 620% from its current value, commanding a total market cap of $8.68 billion, similar to Tron (CRYPTO: TRX) or Polkadot (CRYPTO: DOT).
Why It Matters: Several Solana-based projects recently announced airdrops and financial incentives for device users, suggesting that phone buyers may not be solely betting on the price of Bonk. The DeFi protocol, Solend, confirmed in a Dec. 17 post that it would be working on an airdrop for Saga phone holders.
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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