SafeMoon Meme Coin to Launch on Solana
Safemoon is spinning a new phase and plans to Solana Blockchain.
The upcoming token is designed to increase liquidity, allowing SFM holders to exchange their holdings once new assets are available.
Safemoon Meme Coin on Solana
On February 14, Safemoon announced a change of direction, noting that the project is now fully controlled by its community.
As part of this transition, the team revealed the plans it introduced Meme coins based on Solana. The goal is to take a relaxed, community-led approach, with no predefined use cases and focus only on engagement.
“On Valentine’s Day, we demonstrated our love for the community in the best way by handing over Safemoon to you. No team. No roadmap. No false promises. Just pure, unfiltered, community-oriented meme energy team statement.
Many expect the contract to be released immediately. However, the team later clarified that they kept it confidential due to internal technical adjustments.
Safemoon said the delay will simplify the automatic exchange process for SFM V2 holders. The team stressed that this step is necessary for a smooth transition.
Also, they warn users not to Purchase any version of Safemoon Prevention on Solana before formal contract scam.
“Let’s be clear: the contract has not been made public. If you buy “Safemoon” now in Solana (or anywhere else), you’ll be cheated. Wait for us to give up the official contract address. Don’t get Rekt,” Safemoon warn.
After launching the meme coins, Safemoon will allow existing SFM holders to exchange their tokens through VGX wallets. This move will inject liquidity into the ecosystem and create new use cases for the community.
Safemoon Burns 2.2 trillion tokens
After Safemoon moved to Solana, the project burned down 2.2 trillion SFM tokens from Ethereum, Polygons and Binance Smart Chain.
Yesterday, the project Announce It has removed almost all Ethereum and polygon tokens, about 60% from Binance Smart Chain supply.
Meanwhile, these efforts follow a history of fraud charges and signs of bankruptcy. Back to 2023, The project’s CEO and CTO were arrested by the U.S. Department of Justice Allegations about using investor funds for personal expenses.
At its peak, Safemoon’s market cap soared to $1 billion and has now fallen below $20 million.
U.S. authorities accused Safemoon of misusing investor funds, saying more than $200 million in lockdown funds were withdrawn to buy personal luxury cars and property. This leads to Project bankruptcy filing in December.
After these setbacks, the VGX Foundation obtained Safemoon through a bankruptcy court ruling.
“The VGX Foundation independently purchased Safemoon assets through a bankruptcy court – nothing happened at the moment was a revival of the former actor. The VGX Foundation spent millions of dollars to protect Safemoon because they believed in the power of the community. They believed in your power, ” VGX Foundation Comment.
The new strategy aims to put past controversies behind us and to take the future of the project completely into the hands of the community.
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