Solana Saga phone orders canceled following 'inventory management' issue

Some customers' orders for Solana Saga phones have been canceled following an inventory mishap. Last week, the device saw a surge in demand after a 135% 24-hour jump in the price of the Solana-based memecoin bonk presented traders with an arbitrage opportunity. The Saga phone comes with 30 million bonk tokens, among other incentives — something that became worth more than the device at recent prices. The firm’s limited inventory of 20,000 phones promptly sold out in the U.S. and EU. Solana Mobile said that all affected customers have been informed and will receive a refund in the coming days, apologizing for the inconvenience. Customers who haven’t received a cancelation notice should receive a shipping notice by the end of the year, it added. Aside from the inventory issue, some orders were also canceled after being flagged for “suspicious activity due to excessive device orders or payment risk,” Solana Mobile said. Solana-based memecoin bonk went parabolic this month, surging over 800% from $0.0000038 to a peak of $0.000035 on Dec. 15 — the day the phones sold out. However, bonk has since fallen sharply, down 46% to a current price of $0.000019, according to The Block's bonk price page.