Safemoon, one of the important projects of the crypto currency market, has reached an important turning point. According to a statement by VGX Foundation, the Safemoon team eliminated a large part of the supply by burning a total of 2.2 trillion SFM token on Ethereum, Polygon and Binance Smart Chain networks. This great burning process is seen as an important restructuring move for the future of Safemoon.
Safemoon burned the SFM supply
After the burning process, almost all of the SFM supply in Ethereum and Polygon networks were consumed, while about 60 %of the supply on Binance Smart Chain disappeared. This may affect potential price movements by seriously reducing the total SFM supply in the market. The burning process is considered a strategic move with the aim of increasing the market value and liquidity of Safemoon.
Safemoon owners will be able to exchange a new breast coin in which the team plans to start on the Solana (left) network of the team, thanks to a replacement program offered by VGX Foundation. This change process will take place on Saturday, February 17 at 04:00 (UTC 01:00) via the VGX wallet. Token exchange aims to offer a new opportunity to investors involved in the Safemoon ecosystem.
VGX Foundation, this move aims to increase the liquidity of the community and to regain users’ funds, he said. In addition, it was stated that the new token will be made to restore the central stock exchanges. In this way, it is aimed to make investors more easily trading and to revive the Safemoon community.
Safemoon’s past rise and fall
Safemoon gained great popularity in the bull market in 2021 and increased its market value to $ 17 billion. At that time, the project attracted great attention by investors and soon became one of the most talked about crypto assets. However, over time, the value of the project fell to a great extent and today the market value fell to 41 million dollars. Token was removed from the list by most stock exchanges and has largely lost its confidence in the investor.
Safemoon’s former administration team was tried in 2023 by the US Department of Justice on charges of defrauding investors. Authorities claimed that the team had received luxury cars and real estates by withdrawing more than $ 200 million from locked funds. This incident caused great damage to Safemoon’s reputation and made the future of the project uncertain. Following these developments, Safemoon announced his bankruptcy in December 2023 and was purchased by VGX Foundation. The new administration is preparing to release a new breast coin to revive the Safemoon brand and gain the trust of investors. Whether this move will be successful will be determined over time.
