Solana Oversells Saga Phones Due to Surging Demand

By: Isha Das

After an apology from Solana Labs for overselling their new mobile device, the Saga, it has been revealed that the firm canceled orders due to inventory management issues. The sudden surge in demand was driven by a remarkable uptick in the value of their associated meme coin, Bonk (BONK), growing by an astonishing 342% in the past month. Additionally, SOL - Solana's native token - also recorded gains of over 71%.

The overwhelming demand for Solana's mobile device led to the exhaustion of their limited inventory of 20,000 units. As a result, the Solana Mobile team was unable to fulfill certain orders, with a number suspected of involving suspicious activities like excessive device orders, consequently being flagged and canceled. Those affected will be notified and will receive refunds in the coming days.

Beyond the mobile phone debacle, the Solana ecosystem has recently achieved notable milestones, including greater 24-hour decentralized exchange (DEX) volume than Ethereum (ETH) and Arbitrum (ARB) combined, surpassing the $2 billion mark. In addition, Solana has become the third-largest altcoin in terms of market capitalization.