Solana Saga 2: Have Airdrops Paid Off Pre-order Costs?
Solana Saga 2 preorder customers have been flooded with airdrops. Image by PRNewsfoto/Solana Mobile.
Key Takeaways
- The first Solana Saga initially flopped, but sold out after the value of BONK airdropped to each unit soared.
- Anticipation of more airdrops has fueled demand for the second edition of the crypto phone.
- Airdropped meme coins like MEW and MANEKI could cover preorder costs before the phone even ships.
In February, Solana Mobile announced the second generation of its Saga crypto phone. Within days, over a hundred thousand devices had been preordered. Many buyers were excited about the potential for airdrops amid a booming market for SPL tokens.
For the first generation Saga, tokens airdropped to owners – Bonk – went on to cover the purchase cost after its value exploded in late 2023. With the new devices expected to ship before the end of June, a wave of similar airdrops could repeat the phenomenon.
Airdrop Meme Coins Generating a Buzz
Among the dozens of memecoin and NFT projects that airdropped tokens to Saga 2 preorder customers, several already show promise.
Launched in March, Cat in a Dogs World (MEW) is riding a wave of excitement surrounding cat-themed tokens. A couple of days after 37,600 coins were airdropped to Saga 2 owners on April 1, MEW briefly traded for more than $0.009. This is a price that values each airdrop at more than $300.
At the current price, airdropped MEW are worth around $140 – more than a third of the cost of the earliest Saga 2 preorders. However, the tiered pricing model started at $400 for the first pre-orders but has since increased to $500.
The bullish trade in airdrop tokens peaked in April, when at one point, the combined value of the two most hyped-up meme coins – MEW and MANEKI – was enough to pay off the cost of each device.
Although the market has settled down since then, with so many airdrops in play, more memecoins could break out in the future.
How Solana Saga Airdrops work
For each pre-ordered device, customers receive a Chapter 2 NFT they can keep in their Solana wallet, signaling their eligibility for airdrops.
These work in the same way as the Genesis NFTs distributed to first-generation Saga buyers and some token holders have reported receiving airdrops daily.
Is it Too Late to Catch Saga 2 Airdrops?
To receive airdrops, users need an activated Chapter 2 NFT. This means that it isn’t possible to retroactively participate in airdrops that have already concluded.
Nevertheless, the high rate of airdrops is likely to continue until devices are shipped and for a period afterwards. More than a year after the first generation Saga came out, Genesis NFT holders are still receiving tokens. These include some, like MANEKI, that have also been distributed to Chapter 2 preorder customers.
It is worth noting that there is an element of chance to many airdrops. Projects allocate different amounts of tokens to a random selection of eligible wallets.
