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SafeMoon to Launch Memecoin on Solana After Burning Most of SFM Supply
SFM holders will have an opportunity to sell their tokens despite current low liquidity levels.
What to know:
- SafeMoon has burned most of the SFM supply.
- SFM holders will be able to swap their tokens for a new memecoin being launched on Saturday 1:00 AM UTC.
- SafeMoon was acquired by VGX after filing for bankruptcy in 2023.
The SafeMoon team is planning on launching a memecoin on Solana (SOL) on Saturday at 1:00 AM UTC.
The team has burned 2.2 trillion SFM tokens across the Ethereum, Polygon and Binance Smart Chain networks, the VGX Foundation told CoinDesk.
STORY CONTINUES BELOW
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.
SFM holders will be given the opportunity to exchange their SFM tokens for the SafeMoon memecoin through the VGX wallet.
“We are going to allow the community to swap their tokens so people can get out of their positions,” VGX said.
The hope, the firm said, 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.
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 cap, according to CoinGecko, and has been delisted from almost every exchange.
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.
Tom Carreras
Tom writes about markets, bitcoin mining and crypto adoption in Latin America. He has a bachelor's degree in English literature from McGill University, and can usually be found in Costa Rica. He holds BTC above CoinDesk's disclosure threshold of $1,000. Updated version of the bio, does it translate?
