The SafeMoon group is planning on launching a memecoin on Solana (SOL) on Saturday at 1:00 AM UTC.
The group has burned 2.2 trillion SFM tokens throughout the Ethereum, Polygon and Binance Sensible Chain networks, the VGX Basis instructed CoinDesk.
In complete, virtually the whole thing of the Ethereum and Polygon provides have been eradicated, in addition to roughly 60% of the Binance Sensible Chain provide.
SFM holders might be given the chance to change their SFM tokens for the SafeMoon memecoin by means of the VGX pockets.
“We’re going to permit the neighborhood to swap their tokens so individuals can get out of their positions,” VGX stated.
The hope, the agency stated, is for the brand new token to be listed on exchanges once more and for liquidity to improve sufficiently for neighborhood members to recuperate some of their funds.
SafeMoon was one of the most well-liked initiatives of the 2021 crypto bull market. Its token rose to a $17 billion market capitalization at its highest level, however now floats at roughly $41 million in market cap, in accordance to CoinGecko, and has been delisted from virtually each change.
SafeMoon’s outdated govt group was charged by the Division of Justice with perpetrating fraud on its buyers in 2023. They have been notably accused of withdrawing greater than $200 million from supposedly locked funds to purchase luxurious vehicles and houses.
The corporate declared chapter in December 2023 and was subsequently acquired by the VGX Basis.
