The SafeMoon team launches a memecoin on Solana (SOL)

SafeMoon to Launch New Memecoin on Solana

The SafeMoon team is poised to introduce a new memecoin on the Solana blockchain. The launch is scheduled for Saturday at 1:00 AM UTC.

Token Management Initiatives

Prior to the launch, the team has implemented measures to manage their existing tokens. They have burned a staggering 2.2 trillion SFM tokens across three networks: Ethereum, Polygon, and Binance Smart Chain. Notably, almost all tokens on Ethereum and Polygon have been incinerated. Furthermore, approximately 60% of the Binance Smart Chain supply has also been destroyed.

Token Exchange Opportunity

Current SFM token holders will be presented with an opportunity to swap their existing tokens for the new SafeMoon memecoin. This exchange will be facilitated through the VGX wallet. The VGX team has expressed that this initiative is aimed at assisting the community in exiting their positions.

Exchange Relisting Aspirations

The team hopes to secure relisting of the new token on exchanges, thereby enhancing liquidity. This move could potentially empower community members to recoup a portion of their investments.

Historical Perspective

SafeMoon garnered significant popularity during the 2021 crypto bull market. At its zenith, the token boasted a market capitalization of $17 billion. However, as per CoinGecko, its current market capitalization stands at approximately $41 million. Additionally, the token has been delisted from a majority of exchanges.