The once-struggling Solana phone is undergoing a remarkable transformation, rapidly selling out, and the credit seems to belong to the memecoin BONK. The surge in popularity is fueled by arbitrage traders chasing a 30 million BONK token airdrop accessible to every Saga phone owner. Remarkably, the current market value of these tokens is nearly $700, surpassing the phone’s cost of $599.
Within the past 48 hours, Saga sales have multiplied by over 10 times, positioning the product on the brink of selling out before the year concludes, according to a midday Thursday tweet from Solana co-founder Raj Gokal. The surge is so remarkable that Anatoly Yakovenko, Gokal’s counterpart, tweeted about the need to raise the phone’s price.
This newfound enthusiasm surrounding BONK, Solana’s dog-themed answer to Dogecoin, has effectively revitalized the Saga, which only a week ago faced discouraging sales figures and a dim outlook. Saga, a blockchain-enabled smartphone, offers specialized features for securely storing cryptocurrencies on the device’s hardware.
The Saga Discord server witnessed an influx of new members on Thursday, with many expressing their recent purchases of the phone in anticipation of the airdrop. According to posts on the server, the BONK airdrop can be obtained by downloading the BONK app from Saga’s crypto-centric custom app store.
A user identifying themselves as a Solana Mobile employee on the Discord server explained that, with the physical possession of the phone, users can mint the ‘Genesis token’ through the ‘dApp store,’ making them eligible to claim the BONK drop. However, this user, under the screen name Jax, cautioned that the BONK drop promotion is not perpetual and will eventually conclude. As of now, there is no specified end date, and the claim is active until the BONK team decides otherwise.