Solana Working on Second Smartphone
Solana is developing its second smartphone which is expected to be cheaper than Saga. Meanwhile Jupiter will airdrop JUP by January 31
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Solana has announced plans to release a new smartphone for web3 enthusiasts after the success of its flagship Saga phone. According to a person familiar with the development, the new phone will have basic features such as a crypto wallet, custom Android software, and a decentralized application store.
Although the new phone doesn't have a name yet, it is expected to be cheaper than Saga and suffer from poor hardware. Saga was initially offered for sale at $1000 when Solana Mobile debuted it in April 2023. But the poor reception led to a drop in the price to $599.
However, demand for the phone later soared in November after some buyers discovered that it contained an airdrop of 30,000 BONK tokens. The demand was so high that Solana Mobile's inventory of 20,000 phones ran out, and the firm had to cancel orders. Prices also reached as high as $5000 on the secondary market as more projects announced airdrops for the phone.
Solana Recent Performance
With the news of a new model, the price of Saga would likely reduce. The hype around Solana has declined this year as the crypto market focused on spot Bitcoin ETF approval. Even now that the approval has happened, attention has shifted to Ethereum as anticipation of a spot ETH approval also grows.
Despite the relatively quiet sentiment around Solana, the network memecoin ecosystem has grown. Several memecoins have emerged on Solana, with many seeing more than 1000% gains in the last 24 hours. However, the proliferation of memecoins also means more rug pulls and scam tokens on the network.
Meanwhile, SOL is up 3% in the last 24 hours and trades at $100. The token is still down more than 8% this year. But it is rebounding despite the relatively low activity level compared to December.
Expectations High For JUP Airdrop
Solana could witness a turnaround in the next few weeks as Jupiter is set to have an airdrop on January 31. Jupiter is the leading decentralized exchange on Solana and handles more than half of its DEX volume. Thus, its airdrop could significantly impact DeFi activity on Solana.
Jupiter has been around since October 2021, and its trading volume peaked at $16.6 billion in December. So far, it has generated $7.75 billion in trading volume this month. Talks of the JUP airdrop have been going on since November, and tokens will be distributed through four airdrop rounds. Half of the 1 billion JUP supply will go to the community, while the team will manage the other half.
JUP will also serve as the governance token for the Jupiter decentralized autonomous organization (DAO).
