The Safemoon team plans to launch a Memecoin in Solana (Sun) on Saturday at 1:00 AM UTC.
The team has burned tokens of 2.2 billion SFM in the smart chain networks Ethereum, Polygon and Binance, said the VGX Foundation to Coindesk.
In total, almost all of the supplies of Ethereum and Polygon have been eliminated, as well as approximately 60% of the Binance smart chain supply.
SFM holders will have the opportunity to exchange their SFM tokens for Safemoon memory through the VGX wallet.
“We are going to allow the community to change their tokens so that people can get out of their positions,” VGX said.
Hope, the firm said, is that the new Token listed in exchanges again and that liquidity increases enough for community members to recover some of their funds.
Safemoon was one of the most popular projects in the Crypto Bull 2021 market. His token increased to a market capitalization of $ 17 billion at its highest point, but now floats to approximately $ 41 million in market capitalization, according to Coingecko, and has been eliminated from almost all exchanges.
The former Safemoon executive team was accused by the Department of Justice of Frankon perpetrated in its investors in 2023. They were remarkably accused of withdrawing more than $ 200 million supposedly blocked funds to buy cars and luxury houses.
The company declared bankruptcy in December 2023 and was subsequently acquired by the VGX Foundation.
