SafeMoon to Launch Memecoin on Solana After Burning Most of SFM Supply

SafeMoon to Launch Memecoin on Solana After Burning Most of SFM Supply

SafeMoon Holders Can Swap SFM for New Memecoin Amid Liquidity Struggles

SafeMoon (SFM) holders will soon have the opportunity to exchange their tokens for a newly launched memecoin on the Solana (SOL) blockchain, despite ongoing liquidity challenges. The token swap is set to begin on Saturday at 1:00 AM UTC through the VGX wallet.

As part of the transition, the SafeMoon team has burned approximately 2.2 trillion SFM tokens across Ethereum, Polygon, and Binance Smart Chain networks. According to the VGX Foundation, nearly all SFM tokens on Ethereum and Polygon have been eliminated, along with about 60% of the Binance Smart Chain supply.

VGX, which acquired SafeMoon after its 2023 bankruptcy, aims to revitalize the project by launching the new memecoin, with hopes that it will gain exchange listings and restore liquidity for investors.

SafeMoon was once a major player in the 2021 crypto bull market, reaching a peak market capitalization of $17 billion. However, following fraud allegations against its former leadership, the token's value plummeted, and it was delisted from most exchanges. SafeMoon’s old executive team was accused of misappropriating over $200 million from investor funds, leading to the company’s collapse and eventual acquisition by VGX.

The upcoming token swap marks a new chapter for the SafeMoon community, offering holders a potential way to recover some of their lost value in the evolving crypto landscape.