The SafeMoon staff is planning on launching a memecoin on Solana (SOL) on Saturday at 1:00 AM UTC.
The staff has burned 2.2 trillion SFM tokens throughout the Ethereum, Polygon and Binance Good Chain networks, the VGX Basis advised CoinDesk.
In whole, nearly everything of the Ethereum and Polygon provides have been eradicated, in addition to roughly 60% of the Binance Good 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 enable the neighborhood to swap their tokens so folks can get out of their positions,” VGX mentioned.
The hope, the agency mentioned, is for the brand new token to be listed on exchanges once more and for liquidity to extend sufficiently for neighborhood members to recuperate a few of their funds.
SafeMoon was one of the crucial common 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 keeping with CoinGecko, and has been delisted from nearly each change.
SafeMoon’s previous government staff was charged by the Division of Justice with perpetrating fraud on its buyers in 2023. They had 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.