SafeMoon Shifts to Solana, Launches Meme Coin

Generated by AI AgentCoin World
Saturday, Feb 15, 2025 8:05 am ET1min read
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SafeMoon, the cryptocurrency project known for its community-driven approach, has announced a significant shift in its strategy. The team behind SafeMoon has revealed plans to launch a new meme coin on the Solana blockchain, marking a departure from its previous focus on the Ethereum network.

The upcoming token, which does not yet have a name, aims to improve liquidity for SFM holders by allowing them to exchange their holdings for the new asset once it is available. The team has emphasized that this transition is fully controlled by the community, with no predefined use case, focusing solely on engagement.

“This Valentine’s Day, we’re proving our love for the community in the best way possible—by handing SafeMoon over to you. No teams. No roadmaps. No false promises. Just pure, unfiltered, community-driven meme energy,” the team stated.

Initially, many expected the contract to be released immediately. However, the team later clarified that they are keeping it private due to internal technical adjustments. SafeMoon stated that the delay will streamline the automated swap process for SFM V2 holders and emphasized that this step is necessary for a smooth transition. The team also warned users not to buy any version of SafeMoon on Solana before the official contract is live to prevent scams.

“Let’s be crystal clear: the contract is NOT public yet. If you’re buying a ‘SafeMoon’ on Solana (or anywhere else) right now, you ARE getting scammed. Wait for us to drop the official contract address. Don’t get rekt,” SafeMoon warned.

After launching the meme coin, SafeMoon will allow existing SFM holders to swap their tokens through the VGX wallet. This move will inject liquidity into the ecosystem and create a new use case for the community.

SafeMoon’s shift to Solana comes after the project burned 2.2 trillion SFM tokens across Ethereum, Polygon, and Binance Smart Chain. The project announced that it had removed nearly all tokens on Ethereum and Polygon and about 60% from the Binance Smart Chain supply.

This transition follows a history marked by fraud allegations and bankruptcy. Back in 2023, the project’s CEO and CTO were arrested by the US DOJ on allegations of using investor funds for personal expenses. At its peak, SafeMoon’s market cap