On December 19th, Access Protocol announced that they would give each Saga phone owner 100,000 ACS tokens, valued at around $250. This move follows the success of Bonk, a memecoin project that indirectly boosted Saga phone sales.
Last week, Bonk created a buzz in the crypto community by distributing many tokens exclusively to Solana’s Saga phone owners. Initially priced at $599, each phone came with an additional 30 million BONK tokens (worth over $700 during the airdrop).
This development significantly increased Saga phone prices, leading to a complete depletion of Solana Mobile’s stock. The resale price on eBay even soared to $5,000 for a single phone.
However, the current price of BONK has dropped by more than 30%, reducing the value of the distributed BONK tokens. Several other projects are following a similar trend, and Access Protocol is one of them.
With ACS, users can sell it immediately or use it for various services, including staking for profit on the protocol. The 24-hour trading volume of ACS reached $16 million, with ongoing selling pressure affecting the token’s price. ACS has also undergone a significant decline following the airdrop distribution.