SafeMoon is pivoting to a brand new section with plans to launch a meme coin on the Solana blockchain.
The upcoming token goals to enhance liquidity, giving SFM holders the power to alternate their holdings for the brand new asset as soon as it’s obtainable.
SafeMoon Meme Coin on Solana
On February 14, SafeMoon introduced a shift in course, stating that the mission is now absolutely managed by its neighborhood.
As a part of this transition, the crew revealed its plans to introduce a Solana-based meme coin. The objective is to undertake a lighthearted, community-led strategy with no predefined use case, focusing solely on engagement.
“This Valentine’s Day, we’re proving our love for the neighborhood in one of the best ways potential—by handing SafeMoon over to you. No groups. No roadmaps. No false guarantees. Simply pure, unfiltered, community-driven meme vitality,” the crew acknowledged.
Many anticipated the contract to be launched instantly. Nonetheless, the crew later clarified that they’re maintaining it non-public resulting from inner technical changes.
SafeMoon acknowledged that the delay will streamline the automated swap course of for SFM V2 holders. The crew emphasised that this step is critical for a clean transition.
Additionally, they warned customers to not purchase any model of SafeMoon on Solana earlier than the official contract is dwell to forestall scams.
“Let’s be crystal clear: the contract is NOT public but. For those who’re shopping for a ‘SafeMoon’ on Solana (or wherever else) proper now, you ARE getting scammed. Anticipate us to drop the official contract tackle. Don’t get rekt,” SafeMoon warned.
After launching the meme coin, SafeMoon will permit current SFM holders to swap their tokens by means of the VGX pockets. This transfer will inject liquidity into the ecosystem and create a brand new use case for the neighborhood.
SafeMoon Burns 2.2 Trillion Tokens
SafeMoon’s shift to Solana comes after the mission burned 2.2 trillion SFM tokens throughout Ethereum, Polygon, and Binance Sensible Chain.
Yesterday, the mission introduced that it had eliminated practically all tokens on Ethereum and Polygon and about 60% from the Binance Sensible Chain provide.
In the meantime, these efforts comply with a regarding historical past marked by fraud allegations and chapter. Again in 2023, the mission’s CEO and CTO have been arrested by the US DOJ on allegations of utilizing investor funds for private bills.
At its peak, SafeMoon’s market cap soared to over $1 billion, which has now dropped under $20 million.
US authorities accused SafeMoon’s management of misusing investor funds, alleging that over $200 million in locked funds have been withdrawn to purchase private luxurious vehicles and property. This led to the mission’s chapter submitting in December.
Following these setbacks, the VGX Basis acquired SafeMoon by means of a chapter courtroom ruling.
“The VGX Basis bought SafeMoon property independently by means of chapter courts – nothing taking place proper now could be a revival by former actors. The VGX Basis spent thousands and thousands securing SafeMoon as a result of they imagine within the energy of the neighborhood. They imagine within the energy of YOU,” VGX Basis remarked.
The brand new technique seeks to place previous controversies behind us and place the mission’s future solely within the palms of the neighborhood.
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