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Solana Saga Hits 5K Dollar on eBay Amid Bonk Frenzy

Key Takeaways
  • Solana Saga phones soared to $5,000 from $599 due to a frenzy triggered by a free memecoin airdrop, showcasing the impact of crypto incentives on product values.
  • The 30 million Bonk token airdrop initially surpassed the phone's value but faced a recent decline, highlighting memecoin volatility and speculative trading.
  • Integrating crypto rewards into products like phones proved successful. Sustainability depends on factors like token credibility, regulations, and market interest.
18-Dec-2023 By: Sudeep Saxena
Solana Saga Hits 5K

Solana Saga Phone SOLD OUT on Site as Bonk Airdrop Frenzy Surges

Phones from the Solana Saga series recently fetched astonishing prices on eBay, selling for as much as $5,000, a significant surge from their original retail price of $599.

The frenzy ensued after a rush to acquire a free memecoin airdrop led to the devices selling out on the official website for the first time.

On December 16th, two unopened phones were listed on eBay for $5,000 each, or "best offer," while another sold for $3,316, or "best offer." Over the weekend, an additional 20 devices were sold for over $2,000, marking a substantial markup of more than $1,400 on the original price.

Bonk Token Surge Makes Free Airdrop More Valuable Than Saga Phones

Since its launch on May 8, each new Saga phone has included a complimentary 30 million Bonk token airdrop. Recently, traders noticed a surge in Bonk's price, surpassing the phone's value, leading to its "SOLD OUT" status as of December 16.

Buyers purchasing these resold Saga phones are essentially betting on the memecoin's further appreciation. Over the last month, Bonk has skyrocketed by almost 810%, gaining substantial traction among both memecoin enthusiasts and opportunistic traders, but has now taken a turn by declining its value.

For traders to capitalize on the hefty $5,000 price tag, Bonk's price would need to surge an additional 620% from its current value. This surge would elevate Bonk's market cap to $8.68 billion, positioning it similarly to valuations seen with Tron or Polkadot.

Solana-Based Projects Offer Airdrops and Incentives for Saga Phone Users

However, it appears that the purchasers of the phones might not be solely banking on Bonk's price surge. Several Solana-based projects have recently provided a series of airdrops and financial incentives specifically targeted at device users.

In a December 17 update on X (formerly Twitter), the anonymous founder of the DeFi protocol, Solend, confirmed their team's intention to initiate an airdrop specifically for Saga phone holders.

Likewise, another memecoin project named Samoyed Coin (SAMO) revealed plans for an upcoming airdrop exclusive to Saga holders, promising more details in the near future.

Earlier, on November 15, decentralized storage provider GenesysGo announced that users would have the opportunity to mine its native Shadow (SHDW) token through an application designed for the Saga phone.

The Intersection of Crypto Incentives and Consumer Products

The trend of tying cryptocurrency incentives to products like phones could potentially continue in the crypto era. This strategy creates excitement and drives sales while simultaneously attracting attention to specific tokens or projects.

However, the sustainability of this approach depends on various factors, including the success and credibility of the associated tokens or projects, regulatory considerations, and market demand.

As long as there's innovation and a willingness among both consumers and crypto projects to explore such tie-ups, we might see more devices integrated with crypto incentives in the future.

Also Read: Brazil Enacts Legislation for Taxation on Cryptocurrency Abroad

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