SafeMoon Surges 57% Ahead of Solana Migration
1min read SafeMoon, the cryptocurrency project, has witnessed a significant surge of nearly 57% today, as the migration of its token to the Solana blockchain nears completion. The developers have been actively burning large quantities of SFM tokens and have announced a gradual airdrop to coincide with the migration. This move is part of a broader effort to transform SafeMoon's governance structure, following a high-profile fraud scandal that tarnished the project's reputation in the past.
SafeMoon's migration from the Binance Smart Chain (BNB) to Solana is a fresh start for the project, which was launched in late 2021. The project's original leaders were accused of "billion-dollar fraud" by crypto sleuth Coffeezilla, and the Department of Justice is currently prosecuting these individuals. SafeMoon's new management is now leading the migration to Solana, aiming to distance the project from its troubled past.
In a social media post, SafeMoon celebrated its four-year anniversary, highlighting the resilience and innovation of the project and its community, the SafeMoon Army. The firm announced the Solana migration two weeks ago, aiming to completely change the project's structure and image. Crypto exchange Bitrue has already committed to supporting the token migration, and developers have been circulating guides to help users navigate the process.
The Solana migration appears to be having a positive impact on SafeMoon's price. Shortly after the initial announcement, the new team announced a gradual airdrop, which caused a momentary price surge. SFM is currently up by nearly 92% in a week, reflecting the market's enthusiasm for the project's commitment to changing its governance structure.
SafeMoon's dedication to transforming its governance structure has garnered significant market interest. A project rarely continues operations and makes notable changes to its governance following a major scam. Two days ago, the company announced the formation of an interim advisory council to transition SafeMoon governance. Today, it clarified its vision, favorably comparing it to a Decentralized Autonomous Organization (DAO).
In other words, SafeMoon's move to Solana is just one part of the equation. The migration was announced two weeks ago, and the price has been volatile. As the move approaches, however, the developers are more emphatic about their desire for change. If the new structure works as advertised, the project will be governed by its community, which is fueling 