The SafeMoon crew is planning on launching a memecoin on Solana (SOL) on Saturday at 1:00 AM UTC.

The crew has burned 2.2 trillion SFM tokens throughout the Ethereum, Polygon and Binance Sensible Chain networks, the VGX Basis instructed CoinDesk.

In whole, virtually the whole lot of the Ethereum and Polygon provides have been eradicated, in addition to roughly 60% of the Binance Sensible Chain provide.

SFM holders can be given the chance to change their SFM tokens for the SafeMoon memecoin by the VGX pockets.

“We’re going to permit the group to swap their tokens so folks can get out of their positions,” VGX mentioned.

The hope, the agency mentioned, is for the brand new token to be listed on exchanges once more and for liquidity to extend sufficiently for group members to recuperate a few of their funds.

SafeMoon was one of the vital fashionable tasks of the 2021 crypto bull market. Its token rose to a $17 billion market capitalization at its highest level, however now floats at roughly $41 million in market cap, based on CoinGecko, and has been delisted from virtually each change.

SafeMoon’s outdated govt crew was charged by the Division of Justice with perpetrating fraud on its buyers in 2023. They had been notably accused of withdrawing greater than $200 million from supposedly locked funds to purchase luxurious vehicles and houses.

The corporate declared chapter in December 2023 and was subsequently acquired by the VGX Basis.