SafeMoon’s Token SFM Jumps Following Community Revitalization Plans
During the Asian trading session on Wednesday, SafeMoon’s governance token, SFM, experienced a significant surge. This uptick came in response to announcements regarding the platform’s initiative to rejuvenate its community through the distribution of new tokens to current holders via airdrops.
Recently, SafeMoon unveiled its intention to introduce a new meme coin on the Solana blockchain, following the destruction of trillions of tokens across various platforms such as Ethereum, Polygon, and Binance Smart Chain.
SFM Experiences Remarkable Growth with Airdrop and New Launch Strategy
BeInCrypto reported on SafeMoon’s shift toward complete community governance and the plans to roll out a meme coin based on Solana for its supporters. The network’s objective is to optimize supply while enhancing overall value. The new approach consists of methodically airdropping tokens to current holders, which aims to prevent immediate sell-offs and promote sustainable growth. As a result of this announcement, SFM skyrocketed by 108%.
“It won’t be a straightforward airdrop. Instead, tokens will be distributed gradually over time,” SafeMoon clarified.
SFM Market Performance
This announcement was prompted by inquiries from a community member. A well-known user named Cosmo on X expressed concerns about whether the airdrop could lead to a sell-off that might deter new investors. “Legitimate question: you are giving new tokens to previous investors when they exchange their inactive ones. Won’t that lead to a price drop? How does that attract new investors?” Cosmo questioned in a post.
SafeMoon responded by assuring the community that the phased release strategy would lessen immediate selling pressures. They trust that long-term holders, who have weathered previous market difficulties, will continue to back the project. These holders are expected to refrain from “instantly dumping” their airdropped tokens.
“The best way to welcome more individuals into the community is by making it accessible in a platform that is easier to trade on and more aligned with meme culture. That platform is Solana,” SafeMoon stated.
SafeMoon’s Transition to Community Control and Future Plans
This strategic shift comes after SafeMoon faced substantial hurdles, including legal challenges in 2022. Now, under the management of the VGX Foundation, SafeMoon operates under full community governance. Through this community-centered strategy, SafeMoon aims to foster a vibrant ecosystem without relying on conventional roadmaps or centralized oversight, fully embracing the influence of meme culture.
The new token will be exchangeable through the VGX wallet, which is expected to bring liquidity into the ecosystem and energize the community. The excitement within the community is evident, as the 108% increase in SFM’s value reflects renewed optimism about the project’s potential.
However, the team has also cautioned users about the risk of scams during this transition phase. SafeMoon emphasized that the official contract for the new token has not yet been disclosed. “Wow, ‘SafeMoon Support’ must have hired an entire army overnight… oh wait, they’re all SCAMMERS. If you see a reply or get a DM, it’s a trap,” the warning stated.
Significantly, SafeMoon’s decision to launch on Solana capitalizes on its meme-centric culture and user-friendly interface. The project believes this will not only attract new users but also reinvigorate its existing community.
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