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The SafeMoon crew is making plans on launching a memecoin on Solana (SOL) on Saturday at 1:00 AM UTC.
The crew has burned 2.2 trillion SFM tokens around the Ethereum, Polygon and Binance Good Chain networks, the VGX Basis advised CoinDesk.
In general, virtually the whole thing of the Ethereum and Polygon provides had been eradicated, in addition to kind of 60% of the Binance Good Chain provide.
SFM holders might be given the chance to interchange their SFM tokens for the SafeMoon memecoin throughout the VGX pockets.
“We’re going to permit the group to change their tokens so other people can get out in their positions,” VGX stated.
The hope, the company stated, is for the brand new token to be indexed on exchanges once more and for liquidity to extend sufficiently for group participants to recover a few of their finances.
SafeMoon used to be one of the vital fashionable tasks of the 2021 crypto bull marketplace. Its token rose to a $17 billion marketplace capitalization at its very best level, however now floats at kind of $41 million in marketplace cap, consistent with CoinGecko, and has been delisted from virtually each change.
SafeMoon’s outdated govt crew used to be charged through the Division of Justice with perpetrating fraud on its traders in 2023. They have been significantly accused of taking flight greater than $200 million from supposedly locked finances to shop for luxurious vehicles and houses.
The corporate declared chapter in December 2023 and used to be due to this fact received through the VGX Basis.
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