SafeMoon is set to launch a new memecoin on the Solana blockchain at 1:00 AM UTC this Saturday, offering SFM token holders a chance to swap their holdings despite ongoing low liquidity.
As part of the launch, the SafeMoon team has burned a massive 2.2 trillion SFM tokens across multiple blockchains, including Ethereum, Polygon, and Binance Smart Chain. This action effectively eliminates almost the entire supply on Ethereum and Polygon, while approximately 60% of the SFM tokens on the Binance Smart Chain have also been burned.
SFM holders will be able to exchange their remaining tokens for the newly created SafeMoon memecoin through the VGX wallet, which is hoping to give the community a way to liquidate their positions. The firm has expressed hopes that the new token will eventually be relisted on major exchanges, improving liquidity and allowing investors to recoup some of their losses.
SafeMoon was once one of the most talked-about projects during the 2021 crypto boom, reaching a market cap of $17 billion. However, the token has since fallen to around $41 million in market cap, largely due to its delisting from most exchanges.
In 2023, SafeMoon’s previous leadership faced legal charges from the Department of Justice for defrauding investors, allegedly withdrawing over $200 million to fund personal expenses like luxury cars and homes. The company filed for bankruptcy in December 2023, after which it was acquired by the VGX Foundation.
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