Today, the price of the SFM token sharply jumped by 204%. The reason was the new plans of the Safemoon team, which was going to launch a memcoid on the SOLANA blockchain (SOL).
Web3 SaFemoon Platform will release a new token and conduct a joint. Before that, the project team burned 2.2 trillion SFM in several networks: Soolana, Polygon and Binance Smart Chain (BSM).
Sharp growth of SFM and SAFEMOON plans
At the end of last week, the Safemoon team reported that the platform has come to complete decentralization and now all control over the site belongs to the community. In addition, the developers also talked about plans to launch a Memcoin on SOLANA.
In honor of the launch of a new Defi project, a airrrop will conduct. Its peculiarity lies in the fact that SFM will be distributed among users gradually to prevent sales and provide steady growth.
All SFM holders will be able to exchange cryptocurrency for a new asset in a ratio of 1: 1, the platform team said.
Against the background of the announcement of the distribution, the price of the control token SaFemoon – SFM – took off by 204%.
At the time of writing this material, cryptocurrency is traded at $ 0,0001056. Its capitalization currently exceeds $ 39 million.
Why SaFemoon New token
The launch of a new token is an attempt to save the project. In 2021, the platform community was considered one of the fastest growing.
However, in 2022, the Defi platform encountered legal problems. They filed a lawsuit against SaFemoon by accusing the project of organizing the “pumping and reset” schemes (from the English PUMP-And-DUMP) using SFM.
In March 2023, the platform was subjected to large -scale hacking. The hacker gained access to the Safemoon token liquidity pool due to the leak of the administrator key and stole $ 8.9 million. However, a month later the attacker agreed to return 80% of the stolen funds.
The difficulties did not end there – in November of the same year, the project fell under the sight of the US Securities and Exchange Commission (SEC). The regulator filed a lawsuit against the leadership of Safemoon, which, stated, deceived investors and manipulated the market for the sake of enrichment.
The creators of the platform announced bankruptcy. Then Safemoon bought a VGX Foundation.
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Source: Cryptocurrency
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