SafeMoon Introduces Memecoin Initiative on Solana After Major SFM Burn Event
Table of Contents
You might want to know
- What prompted SafeMoon to initiate the launch of a memecoin on Solana?
- How have recent events reshaped SafeMoon's growth and sustainability?
Main Topic
In an ambitious and strategic move, SafeMoon is set to launch a memecoin on the Solana network this coming Saturday at precisely 1:00 AM UTC. This decision comes after a substantial burning event where SafeMoon eliminated approximately 2.2 trillion SFM tokens spread across Ethereum, Polygon, and Binance Smart Chain networks. As reported by the VGX Foundation to CoinDesk, this move involved nearly wiping out the SFM token supplies on both Ethereum and Polygon, and burning nearly 60% of the supply from the Binance Smart Chain.
SFM token holders are being granted an opportunity to exchange their tokens for the new SafeMoon memecoin via the VGX wallet. The VGX Foundation emphasized, "We are opening the door for our community to swap their tokens so members can exit their positions." Through this initiative, SafeMoon aims for the memecoin to regain a spot on various exchanges and consequently bolster liquidity, which would assist community members in reclaiming some of their funds.
SafeMoon garnered immense popularity during the 2021 cryptocurrency bull market, with its token achieving a staggering market capitalization of $17 billion at its highest point. However, SafeMoon's market presence has significantly dwindled, with its current market cap hovering around $41 million as noted by CoinGecko, and it has been delisted from most exchanges.
This arises after its former executive team faced serious legal charges by the Department of Justice involving investor fraud in 2023. Accusations include siphoning off over $200 million from funds that were supposed to be locked, using these for luxury indulgences such as high-end vehicles and properties. Following these events, SafeMoon declared bankruptcy in December 2023 and became an entity under the ownership of the VGX Foundation.
Key Insights Table
| Aspect | Description |
|---|---|
| Launch Timing | The new memecoin will launch on Solana at 1:00 AM UTC on Saturday. |
| SFM Token Burn | A significant portion of SFM tokens was burned across major blockchains to initiate memecoin swapping. |
Afterwards...
As the community anticipates the launch of SafeMoon's memecoin on Solana, the broader crypto industry keenly observes this pivotal moment that could mark a resurgence for the beleaguered project. The emphasis now rests on fostering trust and enhancing liquidity, which are essential components for SafeMoon's potential revival. Considering the turbulent history and legal challenges that have marred its journey, SafeMoon's ability to adapt and innovate may very well define its success in future endeavours.