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Coinpaper 2025-02-19 18:40:14

SafeMoon Team Announces Memecoin Launch and Airdrop: SFM Price Soars 200%

SafeMoon Team Announces Memecoin Launch and Airdrop: SFM Price Soars 200%

The Web3 platform Safemoon will issue a new token and conduct an airdrop. Before this, the project team burned 2.2 trillion SFM across several networks: Solana, Polygon, and Binance Smart Chain (BSC). Sharp Rise of SFM and SafeMoon's Plans At the end of last week, the SafeMoon team announced that the platform had achieved full decentralization and now the entire control over the platform belongs to the community. In addition, the developers also revealed plans to launch a memecoin on Solana. ”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,” SafeMoon noted. To celebrate the launch of the new token, the DeFi project will conduct an airdrop. Its peculiarity is that SFM will be distributed among users gradually to prevent sell-offs and ensure sustainable growth. ”We are going to distribute tokens to community members along a curve over a period of time — not all at once. Of course, this may seem inconvenient to you, but many have been holding SFM tokens for years when nothing was happening,” the developers wrote. All SFM holders will be able to exchange the cryptocurrency for the new asset at a 1:1 ratio, the platform team stated. Following the announcement of the distribution, the price of SafeMoon's governance token SFM soared by 204%. At the time of writing, the cryptocurrency is trading at $0.0001094. Its current market capitalization exceeds $39 million. Why SafeMoon Needs a New Token The launch of a new token is SafeMoon's attempt to save the project. In 2021, the platform's community was considered one of the fastest-growing. However, in 2022, the DeFi platform faced legal problems. A lawsuit was filed against SafeMoon, accusing the project of organizing a ”pump-and-dump” scheme using SFM. In March 2023, the platform suffered a major hack. A hacker gained access to the SafeMoon token liquidity pool due to an admin key leak and stole $8.9 million. However, a month later, the perpetrator agreed to return 80% of the stolen funds. The difficulties didn't end there — in November of the same year, the project came under the scrutiny of the U.S. Securities and Exchange Commission (SEC). The regulator filed a lawsuit against SafeMoon's management, which was alleged to have deceived investors and manipulated the market for personal gain. The platform's creators declared bankruptcy. Subsequently, SafeMoon was acquired by VGX Foundation.

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