Markets News Report
December 26, 2023

Solana Mobile’s Saga Phone Faces Inventory Challenges Amidst Solana Price Surge

In Brief

Solana Saga phone is facing inventory management challenges, against the backdrop of SOL experiencing a significant surge in value.

Solana Mobile's Saga Phone Faces Inventory Challenges Amidst Solana Price Uncertainty

Solana Mobile’s highly anticipated Saga phone is facing inventory management challenges despite the initial success and complete sell-out of the new devices in the US market. This occurred at a time when the Solana (SOL) cryptocurrency has been experiencing a significant surge in value.

The sell-out of the Saga phones, partially driven by the increasing popularity of Solana’s memecoin Bonk (BONK) has been met with enthusiasm. However, an inventory miscalculation, attributed to a third-party distributor, resulted in the inability to fulfill orders placed post-sell-out. Additionally, some orders suspected of fraudulent activity were canceled.

In response, the company has assured refunds to affected customers and expressed apologies for inconveniences.

Solana-associated BONK experienced a surge in price earlier this month with its value soaring by over 1,100% in the 30-day period. 

Solana Token’s Growing Momentum

Amid the inventory challenges, Solana token has demonstrated noteworthy market performance, securing the fourth spot in cryptocurrency rankings.

While this position was temporary, with Solana returning to the fifth rank, the token’s price has seen a significant increase. As of the current writing, SOL’s price is at $93.53, reflecting a 7.08% rise, reaching a peak of $99.12 in the last 24 hours – marking its highest point this year.

The price of Solana native token also surpassed $100 on December 24. The trading volume of the decentralized exchange (DEX) on Solana briefly exceeded that of Ethereum, and the call for “Solana to surpass Ethereum” grew accordingly.

In a recent development, the seven-day average of non-voting transactions on Solana has reached 34 million, marking a new high for the year. Non-voting transactions typically involve the transfer of SOL between different Solana accounts.

Solana Mobile's Saga Phone Faces Inventory Challenges

The recent events related to Solana Saga Mobile and the Solana cryptocurrency underscore the intricate dynamics involving product success, operational challenges, and market perception. As Solana Mobile addresses inventory issues, the crypto community closely observes the Solana token market performance.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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