May 26, 2024
BONK Token's Impact Turns Saga Phone's Fate, Prices Soar
Latest Cryptocurrency News

eBay’s Saga: How a Meme Token Revived Solana’s ‘Failed’ Phone to $5,000 Sales

Sales of Solana’s Saga phone, initially regarded as a failure, have been rejuvenated thanks to a dog-themed meme token. The phone, once deemed unsuccessful by its creators, is now fetching prices as high as $5,000, a significant increase from its earlier valuation.

On eBay, numerous Saga phones have been sold for over $2,000 each, with most being advertised as sealed and unopened. These devices are primarily sold by vendors based in the U.S., and one particular phone was reportedly sold for $5,000, as highlighted by The Block. The surge in sales commenced when arbitrage traders began pursuing a 30 million BONK token airdrop, distributed to each phone owner. This airdrop’s value peaked at over $700 last week, a substantial contrast to the phone’s original price tag of $599.

The BONK token experienced a rapid surge in popularity among blockchain users back in November, with a 110% spike in 24 hours and a cumulative 30-day increase of over 700%. This surge appeared to positively impact the Saga phone, which had faced uncertainties about its future due to disappointing sales.

Anatoly Yakovenko, the founder of Solana, previously expressed uncertainty about the phone’s appeal, stating, “We haven’t seen a ton of signal about whether that’s a compelling enough thing to sell 50,000 units.” He suggested that having 25,000 to 50,000 units sold would indicate a dedicated user base, encouraging developers to create and ship applications.

The Saga phone was released earlier in the year, and its price was reduced from $1,000 to $599 in August amid its struggle to gain traction in the market.

Image by freepik

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