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Solana Saga sells for up to $5K on eBay as Bonk frenzy causes sell-out

Solana Saga sells for up to $5K on eBay as Bonk frenzy causes sell-out

A Solana Saga phone appears to have sold for as much as $5,000 on eBay — more than eight times its retail cost — after a frenzy to pick up a free memecoin airdrop caused the devices to sell out on the official website for the first time. 

According to a Dec. 16 listing on the online marketplace eBay, two unopened, in-box phones have recently sold, listed for $5,000 or “best offer,” while another device has sold for $3,316 or “best offer.”

Solana Saga phones were being resold for as high as $5,000 on eBay. Source: eBay

An additional 20 devices managed to sell for over $2,000 over the weekend, a more than $1,400 markup on the original $599 price tag on the Solana Mobile website.

Since the device launched on May 8, each new Saga phone has come with a free 30 million Bonk (BONK) token airdrop. Traders last week began noticing that a price surge in Bonk meant that the free airdrop has become more valuable than the device itself — causing the phone to become “SOLD OUT” as of Dec. 16.

Buyers of these scalped Saga phones are likely a bet that the price of the memecoin will continue to appreciate even further. In the last 30 days, Bonk surged nearly 800% as the token gained mass traction among memecoin enthusiasts and opportunistic traders.

The price of Bonk has surged more nearly 800% in the last month. Source: TradingView

However, for traders to profit from the eye-watering $5,000 price tag, the price of Bonk would need to grow a further 620% from its current value. This would see Bonk command a total market cap of $8.68 billion — placing it at a similar valuation to Tron (TRX) or Polkadot (DOT).

Related: Solana phone sales skyrocket as degens scramble for pumped-up BONK

However, it would seem that the phone buyers may not be solely betting on the price of Bonk, with several Solana-based projects recently announcing airdrops and other financial incentives for device users.

In a Dec. 17 post to X (formerly Twitter) the pseudonymous founder of the DeFi protocol, Solend confirmed that the team would be working on an airdrop for Saga phone holders.

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