SafeMoon to Launch Memecoin on Solana After Major Token Burn

SafeMoon is set to launch a new memecoin on the Solana (SOL) blockchain on Saturday at 1:00 AM UTC. This move follows the burn of 2.2 trillion SFM tokens across Ethereum, Polygon, and Binance Smart Chain networks, according to the VGX Foundation.

The burn eliminated nearly all Ethereum and Polygon supplies and reduced Binance Smart Chain holdings by about 60%. SFM holders can swap their tokens for the new SafeMoon memecoin via the VGX wallet. VGX aims for exchange listings and increased liquidity, offering holders a chance to recover losses.

SafeMoon, a top project during the 2021 crypto bull run, once reached a $17 billion market cap but now sits at around $41 million, per CoinGecko. The token was delisted from most exchanges after the previous executive team faced fraud charges from the Department of Justice in 2023. They allegedly misused over $200 million from locked funds for luxury purchases. SafeMoon filed for bankruptcy in December 2023 and was acquired by the VGX Foundation.

The new memecoin launch on Solana marks a potential turnaround, leveraging Solana’s high-speed, low-fee network. Crypto enthusiasts are watching closely for liquidity improvements and possible exchange listings. With keywords like SafeMoon, memecoin, Solana, token burn, and VGX wallet, this development is poised to draw significant attention in the crypto community.