Some Solana Saga Phone Orders Canceled Due to Inventory Issue
Due to an inventory mishap, certain customers who ordered Solana Saga phones have had their orders canceled. The surge in demand for the device was sparked by a significant increase in the price of the Solana-based memecoin bonk, presenting traders with an arbitrage opportunity. The Saga phone comes with 30 million bonk tokens, which became more valuable than the device itself. The limited inventory of 20,000 phones quickly sold out in the U.S. and EU.
The Solana Mobile project, responsible for the phone, acknowledged the inventory management issue and stated that they are unable to fulfill orders placed after inventory ran out. Affected customers have been informed and will receive refunds, while those who haven’t received cancelation notices can expect shipping notices by year-end. Some orders were also canceled due to suspicious activity or payment risk.
Bonk Memecoin’s Rollercoaster Ride
The Solana-based memecoin bonk experienced a rapid surge this month, reaching a peak of $0.000035 on December 15 when the phones sold out. However, its price has since dropped by 46% to $0.000019. At its peak, the 30 million bonk tokens included with the Saga phone were valued at $1,140—90% more than the device’s cost of $599.
The Risky Arbitrage Opportunity
Some sellers on eBay reportedly sold Saga phones for as much as $5,000 over the weekend as excitement around bonk and potential future airdrops for phone holders continued. However, with the current decrease in bonk’s price, the value of the tokens now sits at $570, below the phone’s price. Customers who bought the phone for the arbitrage opportunity are hoping for a turnaround in bonk’s price by the time they receive their devices.
Hot Take: High Demand and Inventory Mishap Lead to Solana Saga Phone Order Cancellations
Following a surge in demand fueled by the price increase of the Solana-based memecoin bonk, orders for Solana Saga phones have been canceled due to an inventory management issue. The limited inventory of phones promptly sold out, leaving some customers unable to receive their orders. Solana Mobile, the project behind the phone, has apologized for the inconvenience and assured affected customers that they will receive refunds. Additionally, some orders were flagged and canceled due to suspicious activity or payment risk. The rollercoaster ride of bonk’s price has added further uncertainty to the situation, with customers who aimed for an arbitrage opportunity now hoping for a rebound in bonk’s value.
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