The Solana SOL/USD blockchain-powered smartphone, Saga, has seen a surge in sales, thanks to an airdrop of over 30 million BONK BONK/USD tokens specifically for Saga phone owners. The increase in demand is a sharp shift from previous lackluster interest in the device.
What Happened: Initially, the Saga smartphone was launched with a price tag of $1,000, alongside an airdrop incentive of $10 worth of BONK tokens per device. At the time of the announcement in April, BONK was valued at approximately $0.0000004 each. Since then, the token’s price has soared to $0.000028, marking an increase of 6900%.
As the airdrop value soared, the cost of the phone itself underwent a reduction. By August, Solana Mobile, a division of Solana Labs, had slashed the smartphone’s price to $599, down from its initial $1,000 price point. The company communicated this significant reduction as a strategy to broaden the adoption of web3 on mobile and to enhance the experience within the Solana mobile community.
Despite the price drop, the phone currently retails at $700. This indicates an upturn in demand potentially influenced by the increased value of the BONK airdrop. Raj Gokal, co-founder of Solana, amidst the surging sales stated on an unspecified platform, “Saga sales have >10x’d in the past 48 hours, and are now on track to sell out before the new year.”
Solana Mobile in an update on Thursday said, “We're here to share the Saga experience with everyone. In light of the overwhelming response, we’re limiting Saga purchases to one per household. This ensures that more of our community can enjoy the Saga.”
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Why It Matters: In the broader cryptocurrency market, SOL, the native cryptocurrency of the Solana network, and BONK, the trending dog-themed token, have both seen gains. BONK has surged over 1100% within the last 30 days. The increase is indicative of the existing appetite for popular meme coins amid a volatile market.
SOL token has not been left behind, with a 31% surge in a month's time.
Photo by rafapress on Shutterstock
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