SafeMoon Memecoin Launch on Solana (SOL) Scheduled for Saturday

VGX Foundation Burns 2.2 Trillion SFM Tokens Across Ethereum, Polygon, and Binance Smart Chain Networks

The SafeMoon team is planning to launch a memecoin on Solana (SOL) on Saturday at 1:00 AM UTC. According to the VGX Foundation, the team has burned 2.2 trillion SFM tokens across the Ethereum, Polygon, and Binance Smart Chain networks.

Tokens to be Burned

In total, almost the entirety of the Ethereum and Polygon supplies have been eliminated, as well as roughly 60% of the Binance Smart Chain supply.

Opportunity for SFM Holders to Exchange Tokens for Memecoin

SFM holders will be given the opportunity to exchange their SFM tokens for the SafeMoon memecoin through the VGX wallet.

Goal of the New Token

The hope is for the new token to be listed on exchanges again and for liquidity to increase sufficiently for community members to recuperate some of their funds.

About SafeMoon

SafeMoon was one of the most popular projects of the 2021 crypto bull market. Its token rose to a $17 billion market capitalization at its highest point, but now floats at roughly $41 million in market capitalization, according to CoinGecko, and has been delisted from almost every exchange.

Background of the Company

SafeMoon’s old executive team was charged by the Department of Justice with perpetrating fraud on its investors in 2023. They were notably accused of withdrawing more than $200 million from supposedly locked funds to buy luxury cars and homes.

The company declared bankruptcy in December 2023 and was subsequently acquired by the VGX Foundation.

Conclusion

The launch of the SafeMoon memecoin on Solana (SOL) is an exciting development for the company and its community. The burning of tokens across various networks is a significant step towards revitalizing the project and providing new opportunities for investors.

FAQs

Q: What is the purpose of the SafeMoon memecoin?

A: The purpose of the memecoin is to provide a new opportunity for SFM holders to exchange their tokens and potentially recoup some of their losses.

Q: Why is the SafeMoon memecoin being launched on Solana (SOL)?

A: Solana (SOL) is a fast-growing blockchain with a strong community and a growing ecosystem, making it an ideal platform for the new memecoin.

Q: What is the current market capitalization of SafeMoon?

A: The current market capitalization of SafeMoon is roughly $41 million, according to CoinGecko.

Q: What is the status of the old executive team of SafeMoon?

A: The old executive team of SafeMoon was charged with fraud and is no longer involved with the company. The company was acquired by the VGX Foundation in 2023.