SafeMoon to Launch Memecoin on Solana After Burning Most of SFM Supply

The SafeMoon team is planning on launching a memecoin on Solana (SOL) on Saturday at 1:00 AM UTC.

The team has burned 2.2 trillion SFM tokens across the Ethereum, Polygon and Binance Smart Chain networks, the VGX Foundation told CoinDesk.

In total, almost the entirety of the Ethereum and Polygon supplies have been eliminated, as well as roughly 60% of the Binance Smart Chain supply.

SFM holders will be given the opportunity to exchange their SFM tokens for the SafeMoon memecoin through the VGX wallet.

“We are going to allow the community to swap their tokens so people can get out of their positions,” VGX said.

The hope, the firm said, is for the new token to be listed on exchanges again and for liquidity to increase sufficiently for community members to recuperate some of their funds.

SafeMoon was one of the most popular projects of the 2021 crypto bull market. Its token rose to a $17 billion market capitalization at its highest point, but now floats at roughly $41 million in market cap, according to CoinGecko, and has been delisted from almost every exchange.

SafeMoon’s old executive team was charged by the Department of Justice with perpetrating fraud on its investors in 2023. They were notably accused of withdrawing more than $200 million from supposedly locked funds to buy luxury cars and homes.

The company declared bankruptcy in December 2023 and was subsequently acquired by the VGX Foundation.