2024-04-27
The airdrops of two cat-themed memecoins might have surpassed the entire pre-order cost of the Solana 'Chapter 2' mobile device.
Customers who had pre-ordered the Solana 'Chapter 2' mobile phone had a brief opportunity to benefit from the yet-to-be-released device as the value of the airdropped memecoins briefly exceeded the phone's price.
In April, the teams behind two cat-themed memecoin projects, namely Cat in a dog's world (MEW) and Maneki (MANEKI), distributed tokens to the wallets of crypto users who had pre-ordered the new Chapter 2 device.
Initially priced at $450, the pre-order holders received 37,600 MEW tokens on April 1, which reached a peak price of $0.0089, valuing the allocation at $334 according to CoinGecko.
Similarly, each pre-order holder received 5,199 MANEKI tokens on April 24, which peaked at $0.269 on April 25.
Considering the combined airdrops from other memecoin projects like Wuffi (WUFFI), which distributed 114,000 tokens to Chapter 2 wallets, the total airdrops would have amounted to $480 for the holders.
This would have covered the cost of the device and even resulted in an additional $30 profit, as calculated by airdrop value checker twoloot.com.
However, the value of the memecoins has since declined, with MEW currently valued at $220 and MANEKI at $124.
During the pre-order process for Chapter 2 devices, buyers were required to provide a Solana wallet address, enabling the airdropped tokens to be accessible to holders before the phone's arrival.
Owners of Solana's first mobile device, the "Saga," also received the same amount of Maneki tokens in their wallets.
The original Solana Saga was released in May 2023 with little excitement, as reviews highlighted technical issues and usability concerns.
However, the phones gained popularity in December when users recognized an unusual arbitrage opportunity during a memecoin rally for Bonk (BONK).
Between November 15 and December 15, 2023, the price of BONK surged by over 1,100%.
At its peak, the value of the 30,000 BONK airdrop exceeded $1,150, which was $551 more than the original price tag of $599 for the Saga phone.
