The Solana ecosystem, along with its meme coin Bonk, has witnessed surges, with SOL gaining over 71% and Bonk experiencing a 342% increase in the past 30 days.
Key Takeaways
- SOL and Bonk experience substantial value surges, with SOL gaining over 71% and Bonk surging by 342% in the last 30 days.
- High demand for the Solana Saga mobile device leads to inventory challenges, with the limited stock of 20,000 devices worldwide selling out.
- Solana Mobile team faces order cancellations and inventory management issues, with an “inventory management issue” cited with the third-party distributor.
- Solana ecosystem achieves significant milestones, including surpassing Ethereum and Arbitrum in decentralized exchange volume and becoming the third-largest altcoin by market cap. SOL’s market cap increases by 46.98%, and revenue grows by 80.43%.
Solana Saga Orders Scrapped
The recent surge in the value of Solana (SOL) and its associated meme coin, Bonk (BONK), has triggered an unprecedented demand for the flagship mobile device, Solana Saga. SOL recorded gains exceeding 71%, nearing the $100 mark, while Bonk saw a staggering 342% increase, reaching a trading value of $0.00001896.
However, the success in the Solana ecosystem has encountered a setback as the Solana Mobile team grapples with inventory challenges. Despite their limited stock of 20,000 Solana Saga Phones worldwide, both the US and EU markets witnessed overwhelming demand, resulting in a sold-out inventory.
Order Cancellations and Refunds
In addressing the surge in demand, the Solana Mobile team acknowledged encountering an “inventory management issue” with their third-party distributor. This issue led to an inaccurate representation of available inventory, preventing the fulfillment of orders placed after the depletion of the actual stock. Notably, orders flagged for suspicious activity, such as excessive device orders or payment risks, were also canceled.
Solana Saga Orders Scrapped As $30 Million BONK Token Package Overshadows Device's Value pic.twitter.com/H42BvLscZ6
— shahzadgill (@Shahzad35088757) December 23, 2023
The team’s objective, as outlined in a recent statement on X, is to ensure as many users as possible can enjoy the Solana Saga mobile device. Customers affected by order cancellations have been promptly notified, and refunds are scheduled to be processed in the coming days.
Solana’s Ecosystem Milestones
Despite the challenges faced by Solana Mobile, the broader Solana ecosystem has achieved remarkable milestones. Solana’s 24-hour decentralized exchange (DEX) volume has surpassed that of Ethereum (ETH) and Arbitrum (ARB) combined, exceeding $2 billion.
Additionally, SOL has risen to become the third-largest altcoin by market capitalization, trailing only BNB.
To Conclude
According to Token Terminal data, SOL’s circulating market cap has surged by 46.98% to $41.05 billion, surpassing XRP’s market cap by over $7 billion. The platform’s revenue has grown significantly by 80.43%, reaching $2.39 million, and the fully diluted market cap stands at $54.31 billion, indicating a substantial rise of 45.60%.
