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 change their holdings for the brand new asset as soon as it’s accessible.
SafeMoon Meme Coin on Solana
On February 14, SafeMoon introduced a shift in path, stating that the mission is now absolutely managed by its group.
As a part of this transition, the staff 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 community in the best way possible—by handing SafeMoon over to you. No teams. No roadmaps. No false promises. Just pure, unfiltered, community-driven meme energy,” the staff said.
Many anticipated the contract to be launched instantly. Nonetheless, the staff later clarified that they’re maintaining it personal because of inner technical changes.
SafeMoon said that the delay will streamline the automated swap course of for SFM V2 holders. The staff emphasised that this step is important for a clean transition.
Additionally, they warned customers to not purchase any model of SafeMoon on Solana earlier than the official contract is reside to forestall scams.
“Let’s be crystal clear: the contract is NOT public yet. If you’re buying a ‘SafeMoon’ on Solana (or anywhere else) right now, you ARE getting scammed. Wait for us to drop the official contract address. Don’t get rekt,” SafeMoon warned.
After launching the meme coin, SafeMoon will permit present SFM holders to swap their tokens by way of the VGX pockets. This transfer will inject liquidity into the ecosystem and create a brand new use case for the group.
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 observe 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 beneath $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 automobiles and property. This led to the mission’s chapter submitting in December.
Following these setbacks, the VGX Basis acquired SafeMoon by way of a chapter court docket ruling.
“The VGX Foundation purchased SafeMoon assets independently through bankruptcy courts – nothing happening right now is a revival by former actors. The VGX Foundation spent millions securing SafeMoon because they believe in the power of the community. They believe in the power 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 group.
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