The SafeMoon team has a big launch coming up—they’re rolling out a new MemeCoin on Solana this Saturday at 1:00 AM UTC.
They’ve already made some bold moves, burning 2.2 trillion SFM tokens across Ethereum, Polygon, and Binance Smart Chain. That means nearly all the tokens on Ethereum and Polygon are gone, along with about 60% of the supply on Binance Smart Chain, according to what the VGX Foundation told CoinDesk.
For anyone holding SFM, there’s a swap option on the way. You’ll be able to exchange those tokens for the new SafeMoon memecoin using the VGX wallet. The VGX team says this is all about letting people cash out if they want to. They’re hoping the new token will land back on exchanges and get enough liquidity flowing to help the community recover some funds.
SafeMoon was a massive deal back in the 2021 crypto boom, hitting a market cap of $17 billion at its peak. These days, though, it’s down to around $41 million, per CoinGecko, and has been dropped by almost every exchange. The original leadership ran into serious trouble in 2023 when the Department of Justice charged them with fraud. They allegedly pulled over $200 million from funds that were meant to be locked, spending it on luxury cars and homes.
The company filed for bankruptcy in December 2023, and that’s when the VGX Foundation took over. Now, with this new memecoin launch, they’re starting a fresh chapter.
