SafeMoon (SFM) to Launch Memecoin on Solana (SOL) After Burning Most of SFM Provide

The SafeMoon workforce is planning on launching a memecoin on Solana (SOL) on Saturday at 1:00 AM UTC.

The workforce has burned 2.2 trillion SFM tokens throughout the Ethereum, Polygon and Binance Good Chain networks, the VGX Basis advised CoinDesk.

In whole, nearly the whole lot of the Ethereum and Polygon provides have been eradicated, in addition to roughly 60% of the Binance Good Chain provide.

SFM holders can be given the chance to alternate their SFM tokens for the SafeMoon memecoin by way of the VGX pockets.

“We’re going to enable the neighborhood to swap their tokens so individuals can get out of their positions,” VGX stated.

The hope, the agency stated, is for the brand new token to be listed on exchanges once more and for liquidity to extend sufficiently for neighborhood members to recuperate a few of their funds.

SafeMoon was one of the well-liked tasks of the 2021 crypto bull market. Its token rose to a $17 billion market capitalization at its highest level, however now floats at roughly $41 million in market cap, based on CoinGecko, and has been delisted from nearly each alternate.

SafeMoon’s outdated govt workforce was charged by the Division of Justice with perpetrating fraud on its traders in 2023. They had been notably accused of withdrawing greater than $200 million from supposedly locked funds to purchase luxurious vehicles and houses.

The corporate declared chapter in December 2023 and was subsequently acquired by the VGX Basis.