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- Solana has announced plans to launch another phone following the success of the Solana Saga last year.
- The successor of the Saga will have new hardware and a cheaper price point, setting it up for even greater success than Saga.
According to the latest reports, Solana is working on yet another crypto-friendly smartphone. This ambitious undertaking comes amidst the soaring prices of the initial attempt with the Solana Saga launched last year. Specifically, prices have skyrocketed in the secondary market with a factory-sealed Saga device catching bids at $3,200 on eBay. The launch of the new phone could help offset the demand for the Saga.
The Saga is SOLD OUT!
Words cannot describe how much we appreciate your support. We are nothing without this amazing community 🫂
While these past few days will be cemented in our history, we’re excited for the future 🫡
Stay tuned ✨ pic.twitter.com/KJje8lBDLL
— Solana Mobile 🌱 (@solanamobile) December 16, 2023
The Solana Saga was initially launched at the price of $1,000 but the prices dropped due to low demand. With the phones sold out amid high demand, the experimental phone is now fetching five times more than its price five weeks ago. The reason behind the high demand is attributed to BONK, the Solana memecoin.
Anyone who buys a new Saga phone is eligible to receive 30 million Bonk tokens, which has been the primary driver in the demand for the smartphone. In the beginning, the airdrop tokens weren’t worth much. But then, when Bonk surged, an arbitrage opportunity sprang up as the airdropped tokens were worth much more than the smartphone’s price. In addition, to making a quick buck with BONK, buyers have been yielding dividends through airdrops by various projects dropping tokens and NFTs.
Like the Saga phone, the successor will be a mobile-first platform for crypto traders and NFT collectors. Solana has already teased a post-dated Jan 8th, when it speculated exciting news ahead for Solana Mobile.
Exciting times are ahead for Solana Mobile.
SOON 👀
— Solana Mobile 🌱 (@solanamobile) January 8, 2024
However, it has been quiet about the details. Despite the lack of information on this, it is evident that the team is working on something big.
Solan (SOL) Institutional Interest Paves the Way for an ETF
Following reports of the upcoming phone Solana’s native token SOL, has recorded a nearly 3% surge in the last 24 hours. This has helped offset its weekly losses which stand at nearly 4% at the time of press. Trading at $97.65 with a market cap of $42.2 billion, the 5th-ranked cryptocurrency has been one of the most impressive coins in the past year.
After initially suffering from its link with the now-defunct FTX crypto exchange, the token has risen from the ashes like a phoenix to emerge as the favorite among institutional investors. This sets it up for a potential SOL ETF soon. In this event, institutional investment will keep increasing, painting a long-term bullish outlook.
BONK, on the other hand, is up by nearly 5% in the last 7 days as it enjoys wider market gains influenced by excitement around crypto ETFs. Based on the upward trajectory, the memecoin which is ranked 86th due to its market cap is expected to challenge other prominent memecoins such as Shiba Inu, and Dogecoin.
