The developers of the SafeMoon crypto project have announced that they are planning to launch a new token -meme in blockchain Solana and before that they burned 2,2 trillion SFM tokens.
In their announcement, the SafeMoon team stated that the transition to a memecoin will be part of a decentralization process, in which the project is being handed over to the community to manage. This means that SafeMoon will not have a roadmap, and only the mood of the community will determine its development.
The team chose Solana to launch a new asset, because it is this network that is associated with memecoins.
Solana "It's the home of all memes, a blockchain where memecoin culture thrives. If SafeMoon is going to reach its true potential as a community-driven meme, there's no better place to do it," a spokesperson for the crypto project said.
The launch of the new memecoin was SafeMoon's attempt to save the project from oblivion, although it was considered one of the most popular in 2021. The market capitalization of the SafeMoon token (SFM) reached $ 17 billion. However, since then, SFM has turned out to be almost worthless, and its value has fallen to $ 20 million.
SafeMoon's collapse was caused by several exchanges delisting it token from the listing after the US Department of Justice launched an investigation into the project's management in 2023, accusing them of withdrawing more than $200 million in blocked funds for personal enrichment.
The original team that created SafeMoon filed for bankruptcy in late 2023, and the project was then acquired by the VGX Foundation. It was the organization that announced that SFM holders could exchange their assets for the new memecoin at a 1:1 ratio.
