SafeMoon is about to launch a brand new memecoin on the Solana (SOL) blockchain on Saturday at 1:00 AM UTC. This transfer follows the burn of two.2 trillion SFM tokens throughout Ethereum, Polygon, and Binance Sensible Chain networks, in accordance to the VGX Basis.
The burn eradicated practically all Ethereum and Polygon provides and decreased Binance Sensible Chain holdings by about 60%. SFM holders can swap their tokens for the brand new SafeMoon memecoin by way of the VGX pockets. VGX goals for trade listings and elevated liquidity, providing holders an opportunity to get better losses.
SafeMoon, a prime challenge throughout the 2021 crypto bull run, as soon as reached a $17 billion market cap however now sits at round $41 million, per CoinGecko. The token was delisted from most exchanges after the earlier government staff confronted fraud prices from the Division of Justice in 2023. They allegedly misused over $200 million from locked funds for luxurious purchases. SafeMoon filed for chapter in December 2023 and was acquired by the VGX Basis.
The brand new memecoin launch on Solana marks a possible turnaround, leveraging Solana’s high-speed, low-fee community. Crypto lovers are watching intently for liquidity enhancements and attainable trade listings. With key phrases like SafeMoon, memecoin, Solana, token burn, and VGX pockets, this improvement is poised to draw vital consideration within the crypto neighborhood.
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