SafeMoon Plans Memecoin Launch on Solana Following Major SFM Token Burn
The SafeMoon team plans to launch a memecoin on Solana (SOL) on Saturday at 1:00 AM UTC. Key details include:
- 2.2 trillion SFM tokens have been burned across Ethereum, Polygon, and Binance Smart Chain.
- Nearly all supplies on Ethereum and Polygon are eliminated, along with approximately 60% of the Binance Smart Chain supply.
- SFM holders can exchange their tokens for the new SafeMoon memecoin via the VGX wallet.
- The goal is to list the new token on exchanges and improve liquidity for community members.
SafeMoon reached a market capitalization of $17 billion during the 2021 bull market but has since dropped to around $41 million and has been delisted from most exchanges. The previous executive team faced fraud charges in 2023 for misappropriating over $200 million. The company declared bankruptcy in December 2023 and was acquired by the VGX Foundation.