SafeMoon Set to Debut New Memecoin on Solana Following Significant Token Burn
SFM holders will have a chance to exchange their tokens for a new memecoin amid low liquidity.
The SafeMoon team is gearing up to launch a new memecoin on the Solana blockchain this Saturday at 1:00 AM UTC.
They have burned 2.2 trillion SFM tokens across Ethereum, Polygon, and Binance Smart Chain, according to the VGX Foundation.
The majority of supplies from Ethereum and Polygon have been eliminated, alongside about 60% of the Binance Smart Chain tokens. SFM holders can swap their tokens for the newly launched SafeMoon memecoin through the VGX wallet.
VGX remarked, “We are going to allow the community to swap their tokens so people can get out of their positions.”
The intention is for this new token to be listed on exchanges, increasing liquidity and allowing community members to recover some funds. SafeMoon saw immense popularity during the 2021 crypto boom, achieving a market cap of $17 billion, but currently sits at approximately $41 million and has been delisted from most exchanges.
The previous executive team faced fraud charges from the Department of Justice in 2023, accused of misappropriating over $200 million from locked funds. The company declared bankruptcy in December 2023 and was acquired by the VGX Foundation.
