SafeMoon (SFM) to launch Memecoin in Solana (SOL) after the majority of SFM supply burns
The SafeMoon team is planning to launch a Memecoin in Solana (SOL) on Saturday at 1:00 AM UTC.
The team burned 2.2 trillion SFM tokens across the Ethereum, Polygon and Binance Smart Chain Networks, the VGX Foundation told CoinDesk.
In total, almost the sum of Ethereum and Polygon supplies were removed, as well as about 60% of the Binance chain supply.
SFM holders will be given the opportunity to replace their SFM tokens for SafeMoon Memecoin through the VGX Wallet.
“We will allow the community to change their tokens so that people can get out of their positions,” VGX said.
Hope, the company said, is for the new token listed in the exchanges again and for liquidity to increase adequate for community members to recover some of their funds.
The SafeMoon is 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 approximately $ 41 million in the market cap, according to coingecko, and that -delisted from almost every exchange.
Old SafeMoon Executive Team Said Through the Department of Justice with a fraud of its investors in 2023, they are noted to be accused of withdrawing more than $ 200 million from the alleged locked funds to buy expensive cars and homes.
The company expressed losses in December 2023 and subsequently obtained by the VGX Foundation.
