Solana (SOL) and its meme coin, Bonk (BONK), have witnessed remarkable events increases in valuewith SOL recording gains of over 71% and Bonk experiencing an astonishing 342% increase in the last 30 days.
The positive growth within the Solana ecosystem has resulted in a surge in demand for the flagship mobile device, Solana Saga. However, the Solana Mobile team recently addressed the challenges of meeting “overwhelming demand” and explained order cancellations and inventory management issues.
Solana Mobile faces an inventory mishap
Over the past month, SOL has seen a significant upward trend, moving closer to the $100 signa level that has not been reached since April 2022. Furthermore, Bonk has experienced an extraordinary rise reaching a trading value of $0.00001896.
Given these developments and the social buzz within the blockchain and its mobile device, the Solana Mobile team confirmed that their limited inventory of 20,000 devices has sold out worldwide, with both the US and European markets experiencing high demand.
According to a recent rack on X (formerly Twitter), the Solana Mobile team encountered an “inventory management issue” with their third-party distributor while fulfilling orders. This issue resulted in an inaccurate display of available inventory.
Consequently, the team was unable to fulfill orders placed after inventory had been depleted. In addition, orders are suspected of suspicious activitysuch as excessive device orders or payment risks, were flagged and subsequently cancelled.
According to the announcement, the goal behind these measures is to ensure that as many users as possible can enjoy the Solana Saga mobile device.
Customers affected by the order cancellations have been immediately notified and will receive a refund within the coming days.
Solana’s DEX volume overtakes Ethereum and Arbitrum
The Solana ecosystem, along with its native token SOL, has recently reached major milestones. Notably, Solana’s 24-hour decentralized exchange (DEX) volume has done just that exceeded that of Ethereum (ETH) and Arbitrum (ARB) together, crossing the $2 billion mark.
Furthermore, Solana has emerged as the third largest altcoin (only behind BNB) based on market capitalization. These achievements reflect Solana’s growing popularity and success within the cryptocurrency market.
According to TokenTerminal factsThe market cap of SOL (in circulation) stands at $41.05 billion, reflecting a remarkable increase of 46.98%, dropping the market cap of XRP by more than $7 billion.
The revenue generated has also been witnessed substantial growth, up 80.43% to $2.39 million. Furthermore, SOL’s fully diluted market capitalization has reached $54.31 billion, showing a significant increase of 45.60%.
Revenue generated on the Solana platform amounts to an impressive $29.13 million annually, representing a substantial increase of 94.75%.
Examining SOL’s financial ratios, its price/fully diluted ratio stands at 796.78x, indicating the market’s high expectations for future growth. However, this ratio has recently seen a decline of 19.3%.
Featured image from Shutterstock, chart from TradingView.com
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