The SafeMoon team is set to launch a new memecoin on the Solana blockchain. This event will take place on Saturday at 1:00 AM UTC. The team has taken significant steps to manage their existing tokens.
They have burned 2.2 trillion SFM tokens across three networks: Ethereum, Polygon, and Binance Smart Chain. Most of the tokens on Ethereum and Polygon have been eliminated. Additionally, about 60% of the Binance Smart Chain supply has also been burned.
SFM token holders will have a chance to exchange their tokens for the new SafeMoon memecoin. This exchange will occur through the VGX wallet. The VGX team stated that this move aims to help the community exit their positions.
They hope that the new token will be listed on exchanges again. This would allow for increased liquidity, helping community members recover some of their investments.
SafeMoon gained immense popularity during the 2021 crypto bull market. At its peak, the token reached a market cap of $17 billion. However, its current market cap is only around $41 million, as reported by CoinGecko. The token has also been delisted from most exchanges.
