After Burning a Large Portion of Its SFM Supply, SafeMoon Readies Memecoin on Solana

SafeMoon is set to launch a memecoin on Solana (SOL) this Saturday at 1:00 AM UTC, giving holders a chance to exchange their tokens, despite the current low liquidity.

As of the latest report from the VGX Foundation, SafeMoon has burned a massive 2.2 trillion SFM tokens across multiple blockchain networks, including Ethereum, Polygon, and Binance Smart Chain. The burn process has removed almost the entire supply on Ethereum and Polygon, as well as around 60% of the Binance Smart Chain supply.

SFM holders will be able to swap their tokens for the new SafeMoon memecoin using the VGX wallet. VGX explained that this would allow holders to exit their positions. The team hopes the new token will eventually get relisted on exchanges and that liquidity will grow enough for the community to recover some funds.

SafeMoon enjoyed massive popularity during the 2021 crypto bull market, peaking with a $17 billion market cap. However, the token is now valued at just $41 million, as per CoinGecko, and has been delisted from most exchanges.

In 2023, the previous leadership team faced legal trouble, with the Department of Justice accusing them of withdrawing over $200 million from locked funds for personal purchases, including luxury cars and properties. SafeMoon filed for bankruptcy in December 2023 and was later acquired by the VGX Foundation.