SafeMoon Reinvents on Solana

Community swap aims to restore liquidity

SafeMoon is charting a bold new course as it prepares to launch a fresh memecoin on the Solana network. In a dramatic pivot following its bankruptcy in 2023 and subsequent acquisition by the VGX Foundation, the team has burned a staggering 2.2 trillion SFM tokens across Ethereum, Polygon, and Binance Smart Chain. Nearly all tokens on Ethereum and Polygon have been eliminated, with about 60% of the Binance Smart Chain supply sacrificed, clearing the decks for this new chapter.

The move offers current SFM holders a vital lifeline. Despite the market’s current low liquidity, token holders can now swap their remaining SFM for the new memecoin using the VGX wallet—a strategy designed to let the community exit their positions and hopefully reclaim some value. “We are going to allow the community to swap their tokens so people can get out of their positions,” stated a VGX representative, underscoring the initiative’s commitment to giving investors a fresh start.

Once a poster child of the 2021 crypto bull run, SafeMoon soared to a peak market cap of $17 billion before falling dramatically to roughly $41 million. Plagued by fraud allegations against its former executive team and delisted from nearly every exchange, the project’s transformation signals both a fresh beginning and a hope to restore credibility. With the memecoin set to be listed on exchanges again, the VGX Foundation is betting that this swap will inject much-needed liquidity and renew interest among crypto enthusiasts.

photo / Blockonome