Solana Saga Orders Scrapped As $30 Million BONK Token Package Overshadows Device’s Value
December 22 2023 - 10:00PM
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Solana (SOL) and its associated meme coin, Bonk (BONK), have
witnessed remarkable surges in value, with SOL recording gains of
over 71% and Bonk experiencing an astonishing 342% increase over
the past 30 days. The positive growth within the Solana
ecosystem has resulted in a surge in demand for the flagship mobile
device, Solana Saga. However, the Solana Mobile team recently
addressed challenges in meeting the “overwhelming demand” and
explained order cancellations and inventory management issues.
Solana Mobile Faces Inventory Mishap Over the past month, SOL has
seen a significant uptrend, inching closer to the $100 mark, a
level not reached since April 2022. Additionally, Bonk has
experienced an extraordinary surge reaching a trading value of
$0.00001896. Given these developments and the social buzz within
the blockchain and its mobile device, the Solana Mobile team
confirmed that their limited inventory of 20,000 devices worldwide
has sold out, with both the US and EU markets experiencing high
demand. Related Reading: Social Frenzy: Stacks (STX) Hits 8-Month
High, But It Unveiled An Intriguing Twist According to a recent
statement on X (formerly Twitter), in the process of fulfilling
orders, the Solana Mobile team encountered an “inventory management
issue” with their third-party distributor. This issue resulted in
an inaccurate representation of the available inventory.
Consequently, the team was unable to fulfill orders placed after
the inventory was depleted. Additionally, orders suspected of
suspicious activity, such as excessive device orders or payment
risks, were flagged and subsequently canceled. According to
the announcement, the objective behind these measures is to ensure
that as many users as possible can enjoy the Solana Saga mobile
device. Customers affected by the order cancellations have been
promptly notified, and they will receive refunds within the coming
days. Solana’s DEX Volume Overtakes Ethereum And Arbitrum The
Solana ecosystem, together with its native token SOL, has recently
achieved significant milestones. Notably, Solana’s 24-hour
decentralized exchange (DEX) volume has exceeded that of Ethereum
(ETH) and Arbitrum (ARB) combined, surpassing the $2 billion
mark. Additionally, Solana has emerged as the third-largest
altcoin (only behind BNB) by market capitalization. These
achievements reflect the growing popularity and success of Solana
within the cryptocurrency market. According to Token Terminal data,
SOL’s market cap (circulating) stands at $41.05 billion, reflecting
a remarkable increase of 46.98%, flipping XRP’s market cap by over
$7 billion. Related Reading: Here Are The Hottest
Altcoins To Buy As The Bull Market Returns – Santiment The revenue
generated has also witnessed substantial growth, with an 80.43%
increase to $2.39 million. Furthermore, SOL’s fully diluted market
cap has reached $54.31 billion, showcasing a significant rise of
45.60%. The revenue generated on the Solana platform, when
annualized, amounts to an impressive $29.13 million, signifying a
substantial increase of 94.75%. Examining SOL’s financial
ratios, the price-to-fully diluted ratio stands at 796.78x,
indicating the market’s high expectations for future growth.
However, this ratio has experienced a recent decrease of
19.3%. Featured image from Shutterstock, chart from
TradingView.com
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