Solana’s Saga Phones Sold Out — BONK Price Dropped 40%?

YEREVAN (CoinChapter.com) — According to Saga’s official website, all the Solana-backed phones are “sold out” after several months of active sales. However, the Saga frenzy is not over, as users still chase the phones from retailers.

Users Still Hungry For Solana Saga Phones

For example, someone purchased a Solana Saga phone on eBay for as much as $5,000, more than eight times its retail price. As CoinChapter previously reported, this high demand and pricing followed a scramble to benefit from a free BONK memecoin airdrop, causing the phones to completely sell out on the official website for the first time.

According to an eBay listing dated Dec. 16, sellers successfully offloaded two unopened phones at $5,000, or the best offer. In another instance, a buyer paid $3,316, the best offer for a similar device. Meanwhile, an explanation is in order.

The Solana Saga phone initially struggled with sales. So, the team decided to airdrop BONK tokens to every owner of the Saga phone. Specifically, the airdrop comprised 30 million BONK tokens, creating a unique arbitrage opportunity. Also, users could claim this airdrop by downloading the BONK app from Saga’s custom app store without a specific end date for the airdrop.

BONK Value Drops 40% — What’s Next?

But here’s the catch. At the time of the Saga phone’s announcement in April, it was priced at $1,000 and came with an airdrop incentive of $10 worth of BONK tokens. The initial value of BONK at this point was approximately $0.0000004 per token. However, the phone price was out of the question as the BONK price soared to over $0.000035 on Dec. 15.

Additionally, the BONK price has dropped 40% since the mentioned peak and stood at $0.000020 on Dec. 18.

Meanwhile, the memecoin could drop another 35% to the previous resistance of $0.000013.

The previous BONK review mentioned that the rally was unlikely to be long-lived based on its hypeborn nature. Thus, BONK is not the type of coin to consider a long-term investment. However, if more traders plan to get their piece of the pie, the price pump might get a second wind after the correction.