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Surge in demand and Bonk price boosts Solana saga sales

TL;DR

  • Bonk Price Surge Fuels Solana Saga Demand
  • Inventory Oversight Causes Order Cancellations
  • eBay Hype and Risks of Bonk Arbitrage

Last week, the Solana Saga phone experienced an unprecedented surge in demand following a remarkable 135% 24-hour increase in the price of the Solana-based memecoin, bonk. This sudden price surge created an arbitrage opportunity, primarily due to the inclusion of 30 million bonk tokens with each Solana Saga phone, making the device more valuable than ever. Consequently, the company’s limited inventory of 20,000 phones swiftly sold out in both the United States and the European Union.

Inventory management oversight

Regrettably, the Solana Mobile project, responsible for the production and distribution of the Saga phone, encountered an inventory management issue with its third-party distributor. This issue resulted in an inaccurate representation of the device’s available inventory. As a consequence, the company has been compelled to cancel certain customer orders that were placed after inventory had already run out.

Solana Mobile has acted swiftly to address the situation and has communicated directly with all affected customers. These customers can expect to receive a full refund in the coming days. The company issued a sincere apology for any inconvenience caused by this unexpected turn of events. For customers who have not received a cancellation notice, Solana Mobile has assured them that shipping notices will be issued by the end of the year.

Suspicious activity flags

Some orders were also canceled after being flagged for suspicious activity. Specifically, orders were identified for potential excessive device orders or payment risk. This measure was taken to ensure fairness and security in the distribution process.

The Solana-based memecoin, bonk, has experienced a rollercoaster ride in recent weeks. After surging over 800% from $0.0000038 to a peak of $0.000035, the same day the Saga phones sold out, bonk has since experienced a sharp decline, currently sitting at $0.000019, according to The Block’s bonk price page. At its peak, the 30 million bonk tokens included with each Saga phone were valued at $1,140, surpassing the device’s $599 cost by 90%.

eBay resale hype

The enthusiasm surrounding bonk and the potential for future airdrops to phone holders led to some sellers listing Saga phones on eBay for as much as $5,000 over the weekend. While some sellers already possessed the device, others were still awaiting shipment. However, with the subsequent drop in the price of bonk tokens, the value of these tokens included with the phone now sits at $570, falling below the phone’s original price.

A risky arbitrage opportunity

The arbitrage opportunity presented by the inclusion of bonk tokens with the Saga phone was undoubtedly tempting for many buyers. However, it came with its own set of risks. The lead time between purchasing the phone and receiving it meant that buyers were banking on a favorable turnaround in the price of bonk tokens. As the current value of bonk has dipped below the phone’s cost, these buyers now find themselves in a somewhat precarious position.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Lacton Muriuki

Lacton is an experienced journalist specializing in blockchain-based technologies, including NFTs and cryptocurrency. He dabbles in daily crypto news rich with well-researched stats. He adds aesthetic appeal, adding a human face to technology.

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