The Safemoon team plans to launch a Memecoin on Solana (Sol) on Saturday at. 1:00 UTC.
The team has burned 2.2 trillion SFM symbols across Ethereum, Polygon and Binance Smart Chain Networks, the VGX Foundation Coindesk told.
In total, almost the entire Ethereum and Polygon supplies have been removed as well as approx. 60% of Binance Smart Chain Supply.
SFM holders are given the opportunity to exchange their SFM -Tokens for Safemoon Memecoin through the VGX design book.
“We will allow society to swap their tokens so that people can get out of their positions,” VGX said.
The hope, the company said, is that the new token should be performed on exchanges again and for liquidity to increase sufficiently for the members of society to recover to some of their funds.
Safemoon was one of the most popular projects on 2021 Crypto Bull Market. Its token rose to a market value of $ 17 billion at its highest point, but now flows at approx. $ 41 million in market capital, according to CoingeCKO, and has been delisted from almost any exchange.
Safemoon’s old executive team was indicted by the Ministry of Justice of committing fraud on its investors in 2023. They were especially accused of having withdrawn more than $ 200 million from allegedly locked funds to buy luxury cars and homes.
The company declared bankruptcy in December 2023 and was then acquired by the VGX Foundation.
