SALES OF SOLANA PHONE SURGE AS TRADERS CHASE BONK ARBITRAGE

Summary from the TLDR Crypto newsletter

Solana’s founder Anatoly Yakovenko was recently on a podcast with Laura Shin to discuss the disappointing performance of the Solana Saga Phone initiative. With sales lagging, he said the project was ‘under internal discussions’. Then, as BONK’s price surged on the news of its listing on Coinbase, an arbitrage opportunity arose. The first batch of Saga phones came with a 30M BONK token claim. Originally, this was only worth ~$10. As BONK’s price rose, these tokens were worth up to as much as $1,000. With the price of the phone at only $600, this created a $400 arbitrage opportunity. Within hours of the arbitrage opportunity appearing, the remaining Saga phone supply was sold out.