The sale of Solana's crypto phone has witnessed an unprecedented surge as enthusiasts and meme-coin hopefuls rush to capitalize on the remarkable rally of the Solana memecoin, Bonk (BONK). With Bonk's price surging over 1,100% in the last 30 days, new owners of the Solana phone, launched on May 8, are flocking to claim a free 30 million BONK airdrop, turning the phone into an unexpected arbitrage opportunity.
Solana co-founder Raj Gokal revealed on X (formerly Twitter) that Solana phone sales have surged over tenfold in the past 48 hours, putting them on track to sell out before the new year. The recent uptick in BONK's price has turned the 30 million BONK airdrop, currently valued at $877, into a unique opportunity for buyers. Remarkably, this exceeds the $599 price tag of the Saga phone, effectively making it a "phone that pays for itself."
The recent success of Bonk, which has posted an extraordinary gain of 1,100% in the last 30 days, has resulted in its market capitalization surpassing that of competitor memecoin Pepe. However, the inherent volatility of memecoins adds an element of risk to this arbitrage opportunity.
Solana co-founder Anatoly Yakavenko suggested increasing the price of the Saga phone following the substantial surge in sales. A Solana spokesperson confirmed that Saga sales had surpassed "millions of dollars worth" in the past 48 hours, emphasizing the Solana community's interest in projects that turn Saga into a phone with self-sustaining financial benefits.
In response to the heightened demand, Solana Mobile announced restrictions on future orders, limiting them to one mobile device per household. Despite the surge in sales, Yakovenko acknowledged the Saga phone's earlier lackluster performance in terms of unit sales, expressing skepticism about reaching the goal of selling 50,000 units.
The arbitrage opportunity hinges on the assumption that BONK's price will remain near or above current levels by the time Solana devices are delivered to users. Given the volatility of memecoins, rapid price fluctuations are common, adding an element of uncertainty to the trade opportunity.