The Solana Mobile team has announced that its crypto phone Saga is officially sold out in the US, with only a few of these suddenly indemand devices left for the European market. The Android phone was launched in May.
On December 13, the price of BONK, a meme coin on Solana, skyrocketed to a new all-time high as crypto exchange Coinbase announced trading support. Binance is also listing BONK as the meme coin craze catches on again. Amid the meme coin’s price hike, traders out to benefit from a free 30 million bonk airdrop for anyone purchasing the phone, FOMO’ed into frenzied buying.
Solana tried to make it possible for as many people as possible to buy its crypto phone by “limiting” sales to one device per household. A few hours later, the Solana Mobile team posted on X that Saga was “officially sold out” for the US market. The phone’s sales went from unfancied numbers to tenfold figures in 48 hours. Solana co-founder Raj Gokal noted in a post on X early Friday that the phone was on the verge of being sold out. According to Gokal, less than 5,000 are available (only for Europe).
BONK’s meteoric price gains have the meme coin nearly 100% up in the past 24 hours and over 980% in the past 30 days. According to details on the Saga store, the phone is available at a low price of $599, down from the price tag of $999 in August. With prices at $0.00002981 as of writing, the 30 million BONK on offer translates to about $894. That would be a profit of over $290 if a Saga buyer in the past 48 hours had to cash in on their airdropped BONK.
In a startling turn of events, decentralized finance protocol SafeMoon has filed for Chapter 7 bankruptcy amid a cascade of financial and legal challenges. This move follows the arrest of key company members by the US Department of Justice (DoJ) over allegations of misappropriating clients’ funds. The Securities and Exchange Commission (SEC) had already charged SafeMoon and its executives for defrauding customers.
The move by SafeMoon to officially file for Chapter 7 bankruptcy signals a grim outlook for the embattled cryptocurrency venture. The bankruptcy filing, submitted to the United States Bankruptcy Court in the District of Utah, comes in the wake of mounting financial and operational challenges for SafeMoon. A leaked email addressed to the company’s team revealed that the decision to file for Chapter 7 bankruptcy was prompted by an inability to sustain business operations. As a result, all current employees have been terminated with immediate effect.
SafeMoon’s financial woes are compounded by legal troubles stemming from allegations made by the US Securities and Exchange Commission (SEC). Last month, the SEC charged SafeMoon and key executives, including Thomas Smith, John Karony, and Kyle Nagy, with defrauding customers of over $200 million and selling unregistered securities.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Europe |
| Countries | 🇺🇸 |
| Sentiment | very negative |
| Relevance Score | 1 |
| People | Thomas Smith, John Karony, Kyle Nagy |
| Companies | Solana Mobile, Binance, SafeMoon, US Department of Justice, SEC |
| Currencies | Bonk, SafeMoon |
| Securities | None |
