What to know:
- SafeMoon has burned most of the SFM supply. Poof! Gone! Just like my last relationship. 💔
- SFM holders can swap their tokens for a shiny new memecoin launching Saturday at 1:00 AM UTC. Because who doesn’t love a good swap? 🙄
- SafeMoon was acquired by VGX after filing for bankruptcy in 2023. Talk about a plot twist! 📉
So, the SafeMoon team is gearing up to launch a memecoin on Solana (SOL) this Saturday at 1:00 AM UTC. Because, you know, why not? It’s not like they have anything better to do. 🙃
They’ve burned a staggering 2.2 trillion SFM tokens across Ethereum, Polygon, and Binance Smart Chain. That’s a lot of zeros! The VGX Foundation told CoinDesk, “Look, we’re just trying to make this mess a little less messy.”
Almost all of the Ethereum and Polygon supplies are gone, and about 60% of the Binance Smart Chain supply has vanished too. It’s like a magic trick, but nobody’s clapping. 👏
SFM holders will get the chance to exchange their SFM tokens for the new SafeMoon memecoin through the VGX wallet. Because who doesn’t love a good gamble? 🎰
VGX said, “We’re letting the community swap their tokens so they can get out of their positions.” Sounds generous, right? Or is it just a way to say, “Good luck, you’re on your own!”? 🤷♂️
The hope is that this new token will be listed on exchanges again, and liquidity will magically increase so community members can maybe, just maybe, get some of their money back. Fingers crossed! 🤞
SafeMoon was once the darling of the 2021 crypto bull market, peaking at a $17 billion market cap. Now? It’s floating around at a measly $41 million. Ouch! Talk about a fall from grace. 😬
Oh, and let’s not forget the old executive team, who were charged by the Department of Justice for defrauding investors in 2023. They allegedly withdrew over $200 million from supposedly locked funds to buy luxury cars and homes. Because, of course, that’s what you do when you’re running a crypto project! 🚗🏠
In December 2023, the company declared bankruptcy and was snatched up by the VGX Foundation. What a ride! 🎢
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2025-02-14 22:56