Some customers’ Solana Saga phone orders were cancelled following a stock issue. Last week, there was an increase in demand for the device after the price of the Solana-based meme token BONK saw a 135% increase in 24 hours, offering investors an arbitrage opportunity.
Glitch in SAGA Orders
The Saga phone comes with 30 million BONK tokens, among other incentives, which recently became more valuable than the device itself due to the price surge. The company’s limited stock of 20,000 phones sold out instantly in the US and EU. The team behind the Solana Mobile project stated the following:
While trying to fulfill orders, we learned of an inventory management issue with our third-party distributor that led to a misrepresentation of our inventory. Orders placed after the inventory was depleted cannot be fulfilled.
Solana Mobile informed all affected customers and stated that they would receive refunds in the coming days, apologizing for the inconvenience. Customers who did not receive a cancellation notice should expect a shipping notification by the end of the year. Solana Mobile also noted that some orders were cancelled after being flagged as “suspicious activity” due to excessive device orders or payment risk.
BONK Price Drop
The Solana-based meme token bond followed a parabolic trajectory this month and saw an increase of over 800% on December 15, the day the phones sold out, rising from $0.0000038 to $0.000035. However, according to the data obtained, BONK has since experienced a sharp decline, falling by 46% to the current price of $0.000019.
At its peak, the value of the 30 million BONK tokens that came with the Saga phone, which was only worth a few dollars when the device was first released, was $1,140; that’s 90% more than the $599 cost of the device. However, the subsequent drop in the price of the tokens now puts this value at $570, below the price of the phone.
