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    <p>Traders have been seeking out the recently released Saga phone in order to secure an airdrop of the dog-themed BONK token offered to phone owners. The value of the airdrop of the token offered to Saga buyers has exceeded the cost of the phone itself.</p>
    <p>The <a rel="noopener noreferrer nofollow" title="BONK" href="https://thebittimes.com/tag/bonk.html">BONK</a> <a rel="noopener noreferrer nofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a> is a “community” <a rel="noopener noreferrer nofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a> that’s also branded as a “utility” <a rel="noopener noreferrer nofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a>. It seems to have no utility beyond its ability to be traded and transacted.&nbsp;</p>
    <p>Despite this project’s apparent importance, its governance functions are effectively ignored. Eight individuals voted on the last three proposals — the minimum required for them to be accepted. &nbsp;</p>
    <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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      <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
       <p lang="en" dir="ltr">lol. just so everyone is aware, @<a rel="noopener noreferrer nofollow" title="Solana" href="https://thebittimes.com/tag/solana.html">Solana</a>mobile saga sales have &gt;10x'd in the past 48 hours, and are now on track to sell out before the new year.https://t.co/SzKht4DTYL</p>— raj (@rajgokal) December 14, 2023
      </blockquote>
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    </figure>
    <p><em>Read more: Solana Saga: The DeFi phone you don’t need</em></p>
    <p>Over one-fifth of the <a rel="noopener noreferrer nofollow" title="BONK" href="https://thebittimes.com/tag/bonk.html">BONK</a> supply for this project is reserved for 22 individuals who helped start the <a rel="noopener noreferrer nofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a>, despite the fact that most of these individuals cannot be bothered to even participate in governance.</p>
    <p>However,&nbsp;should these individuals choose to participate, they will presumably have significant influence over the approximately 16% allocated to the DAO.</p>
    <h2 class="wp-block-heading" id="h-bonk-market-cap-surging-coinbase-and-binance-list-token">BONK market cap surging, Coinbase and Binance list token</h2>
    <p>Over the last month, the market cap of BONK has increased from around $160 million to $1.7 billion. Coinbase listed it for trading yesterday.</p>
    <p>The crypto exchange used to have a “Digital Asset Framework,” which described how it decided which assets should be listed on Coinbase.</p>
    <p>The framework listed important <a rel="noopener noreferrer nofollow" title="Category Features" href="https://thebittimes.com/features.html">Features</a> like:</p>
    <ul>
     <li>“Open-source code, well-documented peer-review, and testing by contributors separate from the initial development team on GitHub, etc.” 
      <ul>
       <li>No Github is linked on the website for BONK and no development progress can be found.</li>
      </ul></li>
     <li>“There is a structured process to propose and implement major updates to the code, or there is a system or voting process for conflict resolution.” 
      <ul>
       <li>The system exists and is used by slightly less than the number of people one can count on two hands.</li>
      </ul></li>
     <li>“There is utility from obtaining, holding, participating, or spending the token. The team identifies a clear and compelling reason for the native digital asset to exist.”</li>
    </ul>
    <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="576" src="https://cdn.thebittimes.com/images/2023/12/16/94456ac2d9c341c9b7783cf473108355.webp" alt class="wp-image-56552" srcset="https://cdn.thebittimes.com/images/2023/12/16/94456ac2d9c341c9b7783cf473108355.webp 1024w, https://cdn.thebittimes.com/images/2023/12/16/94456ac2d9c341c9b7783cf473108355.webp 300w, https://cdn.thebittimes.com/images/2023/12/16/94456ac2d9c341c9b7783cf473108355.webp 768w, https://cdn.thebittimes.com/images/2023/12/16/94456ac2d9c341c9b7783cf473108355.webp 1536w, https://cdn.thebittimes.com/images/2023/12/16/94456ac2d9c341c9b7783cf473108355.webp 1200w, https://cdn.thebittimes.com/images/2023/12/16/94456ac2d9c341c9b7783cf473108355.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
     <figcaption class="wp-element-caption">
      Market cap of BONK over the last month from CoinMarketCap (owned by Binance).
     </figcaption>
    </figure>
    <p><em>Read more: Solana sells just 2,500 Saga phones, chief hints your iPhone should stay</em></p>
    <p>In Coinbase’s defense, the page that was previously linked to this ‘Digital Asset Framework’ now links to a page where teams can submit assets for listing.</p>
    <p>Binance also listed BONK today, describing it as “the largest meme coin in Solana.”</p>
    <p><em>Got a tip? Send us an email or ProtonMail. For more informed news, follow us on&nbsp;X,&nbsp;</em><em>Instagram</em><em>,&nbsp;</em><em>Bluesky</em><em>, and&nbsp;</em><em>Google News</em><em>, or subscribe to our&nbsp;</em><em>YouTube</em><em>&nbsp;channel.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/traders-want-solana-phone-to-get-token-that-does-nothing-tbt73843.html">https://thebittimes.com/traders-want-solana-phone-to-get-token-that-does-nothing-tbt73843.html</a></p>

Traders want Solana phone to get token that does nothing

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