SafeMoon is embarking on a new journey by venturing into the realm of meme coins on the Solana blockchain.
The forthcoming token is set to revolutionize liquidity, allowing SFM holders the chance to trade their holdings for this innovative asset upon its release.
Exciting Developments: SafeMoon Meme Coin on Solana
Marking a significant shift on February 14, SafeMoon announced a pivotal move as the project is now under the full control of its community.
With this transformative shift, the team disclosed plans to unveil a meme coin on the Solana network. The primary objective is to embrace a light-hearted, community-driven approach with an emphasis on fostering engagement and fun.
In a festive declaration, the team expressed, “This Valentine’s Day, we are showcasing our love for the community by entrusting SafeMoon to you. No teams, no roadmaps, no false assurances. Just pure, unadulterated, community-centered meme energy.”
While many anticipated the immediate release of the contract, the team later clarified that it remains private as they are working on internal technical enhancements.
Addressing the delay, SafeMoon highlighted that refining the automated swap process for SFM V2 holders is crucial for ensuring a seamless transition.
Furthermore, users were cautioned against purchasing any iteration of SafeMoon on Solana until the official contract is live to prevent falling victim to scams.
Stressing the importance of patience, SafeMoon emphasized, “Let’s be unequivocal: the contract is NOT public yet. If you are acquiring ‘SafeMoon’ on Solana (or any other platform) at this moment, you ARE being scammed. Kindly await the unveiling of the official contract address. Stay safe, don’t put yourself at risk.”
Post the introduction of the meme coin, SafeMoon is gearing up to enable existing SFM holders to swap their tokens via the VGX wallet, injecting liquidity into the ecosystem and establishing a fresh use case for the community.
SafeMoon Initiates Token Burn of 2.2 Trillion Tokens
SafeMoon’s transition to the Solana network follows the successful burning of 2.2 trillion SFM tokens on Ethereum, Polygon, and Binance Smart Chain.
In a recent development, the project confirmed the elimination of nearly all tokens on Ethereum and Polygon, along with a reduction of around 60% from the Binance Smart Chain supply.
Moreover, these efforts come in response to a tumultuous past marred by allegations of fraud and insolvency. In 2023, the project’s CEO and CTO faced legal action by the US DOJ for alleged misappropriation of investor funds for personal gains.
Despite its previous zenith with a market cap exceeding $1 billion, SafeMoon’s valuation has now plummeted below $20 million.
US authorities accused SafeMoon’s leadership of financial impropriety, alleging that over $200 million in locked funds were misused to procure luxury assets. Consequently, the project filed for bankruptcy in December.
Following these turbulent episodes, the VGX Foundation assumed ownership of SafeMoon through a bankruptcy court ruling.
Emphasizing their commitment, the VGX Foundation stated, “The VGX Foundation independently acquired SafeMoon assets through bankruptcy proceedings – the ongoing developments do not signify a reinstatement by previous actors. The VGX Foundation invested significantly in securing SafeMoon due to their belief in the community’s strength. They have faith in YOU.”
With a renewed strategy focused on community empowerment, SafeMoon aims to move past previous controversies and entrust the project’s future entirely to its dedicated community members.