SafeMoon is preparing to launch a new memecoin on the Solana blockchain (SOL) this Saturday at 1:00 AM UTC, despite its current low liquidity levels.
The SafeMoon team has recently burned 2.2 trillion SFM tokens across Ethereum, Polygon, and Binance Smart Chain networks, as reported by the VGX Foundation. The burn eliminated almost all of the Ethereum and Polygon supply, along with around 60% of the Binance Smart Chain supply.
SFM token holders will have the opportunity to exchange their tokens for the new SafeMoon memecoin using the VGX wallet. According to VGX, this process will allow holders to exit their positions. The team hopes the new token will eventually be listed on exchanges again, improving liquidity and allowing the community to recover some of their funds.
SafeMoon, which was one of the most notable projects during the 2021 crypto bull run, reached a market capitalization of $17 billion at its peak. However, the project now has a market cap of just $41 million, according to CoinGecko, and has been delisted from most exchanges.
In 2023, SafeMoon’s previous executive team faced charges from the Department of Justice for defrauding investors, accused of withdrawing over $200 million from locked funds to purchase luxury goods. The company filed for bankruptcy in December 2023 and was later acquired by the VGX Foundation.
