SafeMoon is pivoting to a new phase with plans to launch a meme coin on the Solana blockchain.
The upcoming token aims to improve liquidity, giving SFM holders the ability to exchange their holdings for the new asset once it is available.
SafeMoon Meme Coin on Solana
On February 14, SafeMoon announced a shift in direction, stating that the project is now fully controlled by its community.
As part of this transition, the team revealed its plans to introduce a Solana-based meme coin. The goal is to adopt a lighthearted, community-led approach 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 team stated.
Many expected the contract to be released immediately. However, the team later clarified that they are keeping it private due to internal technical adjustments.
SafeMoon stated that the delay will streamline the automated swap process for SFM V2 holders. The team emphasized that this step is necessary for a smooth transition.
Also, they warned users not to buy any version of SafeMoon on Solana before the official contract is live to prevent 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 allow existing SFM holders to swap their tokens through the VGX wallet. This move will inject liquidity into the ecosystem and create a new use case for the community.
SafeMoon Burns 2.2 Trillion Tokens
SafeMoon’s shift to Solana comes after the project burned 2.2 trillion SFM tokens across Ethereum, Polygon, and Binance Smart Chain.
Yesterday, the project announced that it had removed nearly all tokens on Ethereum and Polygon and about 60% from the Binance Smart Chain supply.
Meanwhile, these efforts follow a concerning history marked by fraud allegations and bankruptcy. Back in 2023, the project’s CEO and CTO were arrested by the US DOJ on allegations of using investor funds for personal expenses.
At its peak, SafeMoon’s market cap soared to over $1 billion, which has now dropped below $20 million.
US authorities accused SafeMoon’s leadership of misusing investor funds, alleging that over $200 million in locked funds were withdrawn to buy personal luxury cars and property. This led to the project’s bankruptcy filing in December.
Following these setbacks, the VGX Foundation acquired SafeMoon through a bankruptcy court 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 Foundation remarked.
The new strategy seeks to put past controversies behind us and place the project’s future entirely in the hands of the community.
Wirex
YouHodler
eToro
eToro
eToro
eToro
Phemex
BingX
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
