The Safemoon team plans to launch a Memecoin on Solana (SOL) at UTC at 1:00 a.m. Saturday.
VGX Foundation told Coindesk that the team burned 2.2 trillion inches of SFM tokens on Ethereum, Polygons and Binance Smart Chain networks.
In total, almost all Ethereum and polygon supply was eliminated, as well as about 60% of binary smart chain supply.
SFM holders will have the opportunity to swap their SFM tokens for Safemoon Memecoin via VGX wallet.
“We will allow the community to exchange tokens so people can get rid of their positions,” VGX said.
The company said it hopes that the new tokens will be listed again in the exchange and allow liquidity to fully increase to allow community members to restore some of their funds.
Safemoon is one of the most popular projects in the crypto bull market in 2021. Its tokens rose to a market capitalization of $17 billion at its highest point, but now Float According to Coingecko, the market cap is around $41 million, and almost every exchange is out.
Safemoon’s old executive team Accused The Justice Department commits fraudulent acts against investors in 2023. They are particularly accused of withdrawing more than $200 million from allegedly locked funds to buy luxury cars and homes.
The company declared bankruptcy in December 2023 and was subsequently acquired by the VGX Foundation.
