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SafeMoon has transitioned to full community control and announced plans to launch a Solana-based meme coin for its holders.
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The team clarified that the contract remains private due to technical adjustments, warning users against buying unofficial versions.
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The project, which previously faced legal troubles and bankruptcy, has also burned billions of tokens across multiple blockchains.
SafeMoon pivots to greater community engagement by launching a meme coin on Solana, amid significant token burns and a checkered legal history.
SafeMoon Meme Coin on Solana
On February 14, SafeMoon announced a shift in direction, stating that the project is now fully controlled by its community.
As part of this transition, the team revealed its plans to introduce a Solana-based meme coin. The goal is to adopt a lighthearted, community-led approach 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.
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. The team emphasized that this step is necessary for a smooth transition.
Also, they 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 Burns 2.2 Trillion Tokens
SafeMoon’s shift to Solana comes after the project burned 2.2 trillion SFM tokens across Ethereum, Polygon, and Binance Smart Chain.
Yesterday, the project announced that it had removed nearly all tokens on Ethereum and Polygon and about 60% from the Binance Smart Chain supply.
Meanwhile, these efforts follow a concerning 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 soared to over $1 billion, which has now dropped below $20 million.
US authorities accused SafeMoon’s leadership of misusing investor funds, alleging that over $200 million in locked funds were withdrawn to buy personal luxury cars and property. This led to the project’s bankruptcy filing in December.
Following these setbacks, the VGX Foundation acquired SafeMoon through a bankruptcy court ruling.
“The VGX Foundation purchased SafeMoon assets independently through bankruptcy courts – nothing happening right now is a revival by former actors. The VGX Foundation spent millions securing SafeMoon because they believe in the power of the community. They believe in the power of YOU,” VGX Foundation remarked.
The new strategy seeks to put past controversies behind us and place the project’s future entirely in the hands of the community.
Conclusion
SafeMoon’s transition to a community-led model marks a significant shift in strategy, emphasizing user engagement and transparency. With the introduction of a meme coin on Solana and the substantial burning of tokens, the project hopes to redefine its future and recover from its tumultuous past.
