The SafeMoon staff is planning on launching a memecoin on Solana (SOL) on Saturday at 1:00 AM UTC.
The staff has burned 2.2 trillion SFM tokens throughout the Ethereum, Polygon and Binance Sensible Chain networks, the VGX Basis advised CoinDesk.
In complete, virtually the whole thing of the Ethereum and Polygon provides have been eradicated, in addition to roughly 60% of the Binance Sensible Chain provide.
SFM holders shall be given the chance to alternate their SFM tokens for the SafeMoon memecoin by way of the VGX pockets.
“We are going to allow the community to swap their tokens so people can get out of their positions,” VGX mentioned.
The hope, the agency mentioned, is for the brand new token to be listed on exchanges once more and for liquidity to extend sufficiently for group members to recuperate a few of their funds.
SafeMoon was one of the crucial well-liked initiatives 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, in keeping with CoinGecko, and has been delisted from virtually each alternate.
SafeMoon’s outdated government staff was charged by the Division of Justice with perpetrating fraud on its traders in 2023. They have been notably accused of withdrawing greater than $200 million from supposedly locked funds to purchase luxurious automobiles and houses.
The corporate declared chapter in December 2023 and was subsequently acquired by the VGX Basis.
