SafeMoon’s New Memecoin Launch on Solana
The SafeMoon team is gearing up for an exciting launch of a new memecoin on the Solana (SOL) blockchain, scheduled for Saturday at 1:00 AM UTC. This move follows a significant token burn, where the team has successfully eliminated 2.2 trillion SFM tokens across the Ethereum, Polygon, and Binance Smart Chain networks. According to the VGX Foundation, this monumental step aims to rejuvenate the SafeMoon ecosystem and provide an opportunity for existing holders.
In total, nearly all of the SFM token supply on Ethereum and Polygon has been eradicated, alongside approximately 60% of the supply on Binance Smart Chain. The VGX Foundation has announced that SFM holders will have the opportunity to exchange their tokens for the newly launched SafeMoon memecoin through the VGX wallet. “We are going to allow the community to swap their tokens so people can get out of their positions,” stated VGX, emphasizing the commitment to empowering their community.
The overarching goal is to have the new token listed on various exchanges, thereby increasing liquidity and enabling community members to potentially recover some of their investments. SafeMoon, once one of the most talked-about projects during the crypto bull market of 2021, peaked with a market capitalization of $17 billion. However, it now hovers around $41 million, as reported by CoinGecko, and has faced delisting from nearly all major exchanges.
This tumultuous journey has not been without its challenges. In 2023, the former executive team of SafeMoon faced serious allegations from the Department of Justice for defrauding investors. They were accused of misappropriating over $200 million from locked funds to indulge in extravagant purchases such as luxury cars and high-end real estate.
In a dramatic turn of events, the company declared bankruptcy in December 2023, leading to its acquisition by the VGX Foundation. This new chapter marks a pivotal moment for SafeMoon, as the team works diligently to restore faith in the project and provide a lifeline to its community.
