SafeMoon is set to launch a new memecoin on the Solana blockchain following a significant token burn of 2.2 trillion SFM tokens. This move comes after nearly depleting supplies on Ethereum and Polygon, and reducing Binance Smart Chain holdings by approximately 60%.

The strategic initiative is scheduled for Saturday at 1:00 AM UTC. SFM holders will have the opportunity to exchange their tokens for the new memecoin using the VGX wallet. This launch is anticipated to enhance liquidity and attract interest from the crypto community.

• SafeMoon was once valued at $17 billion during the 2021 bull run.
• Its current market valuation has plummeted to around $41 million.
• The token faced delisting from most exchanges due to fraud allegations against its former executive team.
• After filing for bankruptcy in December 2023, SafeMoon was acquired by the VGX Foundation.

Enthusiasts are closely monitoring potential exchange listings and recovery prospects for holders as the new memecoin launch approaches.

📎 Related coverage from: tokenpost.com