SafeMoon Reboots: New Memecoin on Solana
Date: 2025-02-17 Author: Henry Casey Categories: CRYPTO PAYMENTS
SafeMoon developers stated that this move is part of the project’s decentralization, in which governance is completely transferred to the community. Without a roadmap or centralized control, further development will depend solely on network participants.
Solana was chosen as the most suitable blockchain for this move, given its active memecoin ecosystem. A project representative emphasized that this network has become home to many such initiatives, making it the best platform for SafeMoon to realize its potential as a true memecoin.
The reboot attempt is connected with the need to return the project to its former popularity. In 2021, SafeMoon was considered one of the leading memecoins, with a market cap of $17 billion. However, a few years later, the asset almost lost its value, falling to $20 million.
SafeMoon's fall was caused by a series of problems, including a US Department of Justice investigation in 2023, during which the project's management was accused of embezzling more than $200 million in user funds. These events led to the token being delisted from major exchanges. Shortly after, the original development team declared bankruptcy, and the project was acquired by the VGX Foundation in late 2023.
SafeMoon's new owners announced that SFM holders will be able to exchange their tokens for the new memecoin at a 1:1 ratio, giving users the opportunity to become part of the updated project.
