SafeMoon Shifts Focus with New Meme Coin on Solana
SafeMoon is embarking on a new chapter by planning the launch of a meme coin on the Solana blockchain. This fresh token aims to enhance liquidity, enabling holders of SFM to trade their tokens for the new asset once it becomes available.
Announcement of the Solana-Based Meme Coin
On February 14, SafeMoon declared a strategic pivot, highlighting that the project is now under complete community control. As part of this new direction, the team unveiled intentions to create a meme coin based on Solana. The initiative seeks to foster a fun, community-centric environment without a specific use case, emphasizing engagement above all. The team expressed, “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.” While many anticipated an immediate contract release, the team later indicated that it would remain private for the time being due to necessary technical adjustments. SafeMoon assured that this delay is aimed at optimizing the automated swap process for holders of SFM V2.
Warnings Against Scams
In light of the upcoming changes, SafeMoon has cautioned users against purchasing any version of SafeMoon on Solana prior to the official contract launch to avoid scams. The team stressed, “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.”
Token Swap and Liquidity Injection
Once the meme coin is launched, SafeMoon will enable current SFM holders to exchange their tokens using the VGX wallet. This initiative is designed to inject liquidity into the ecosystem while establishing a new application for the community.
SafeMoon’s Token Burn Initiative
SafeMoon’s transition to the Solana blockchain follows a significant token burn of 2.2 trillion SFM tokens across Ethereum, Polygon, and Binance Smart Chain. Recently, the project announced the removal of nearly all tokens from Ethereum and Polygon, alongside a 60% reduction in supply from the Binance Smart Chain. This action comes in the wake of troubling allegations of fraud and financial mismanagement. In 2023, the project’s CEO and CTO faced arrest by the U.S. Department of Justice for allegedly misusing investor funds for personal expenses. At its peak, SafeMoon’s market capitalization exceeded $1 billion, but it has since plummeted to below $20 million.
Allegations and Bankruptcy
The leadership of SafeMoon has been accused of misappropriating over $200 million in locked funds, allegedly using the money to purchase luxury vehicles and real estate. This mismanagement culminated in the project’s bankruptcy filing in December. Following these events, SafeMoon’s assets were acquired by the VGX Foundation through a bankruptcy court ruling. The VGX Foundation explained, “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.” The new approach aims to move past previous controversies and entrust the project’s future entirely to its community.
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