The SafeMoon team is planning on launching a memecoin on Solana (SOL) on Saturday at 1:00 AM UTC.
The team has burned 2.2 trillion SFM tokens across the Ethereum, Polygon and Binance Smart Chain networks, the VGX Foundation told CoinDesk.
In total, almost the entirety of the Ethereum and Polygon supplies have been eliminated, as well as roughly 60% of the Binance Smart Chain supply.
SFM holders will be given the opportunity to exchange their SFM tokens for the SafeMoon memecoin through the VGX wallet.
“We are going to allow the community to swap their tokens so people can get out of their positions,” VGX said.
The hope, the firm said, is for the new token to be listed on exchanges again and for liquidity to increase sufficiently for community members to recuperate some of their funds.
SafeMoon was one of the most popular projects of the 2021 crypto bull market. Its token rose to a $17 billion market capitalization at its highest…
