SafeMoon is a cryptocurrency project that gained widespread attention in early 2021, and its unique tokenomics and community-driven features quickly made it popular. However, over time, SafeMoon has experienced a complex journey from rapid rise to controversy, and then to restructuring and transformation.

1. The Origin and Rise of SafeMoon

SafeMoon was launched on the Binance Smart Chain (BSC) in March 2021, aiming to incentivize holders and curb speculative behavior through a unique tokenomics model. Its main features include:

• Transaction fee mechanism: A 10% fee is charged for each transaction, with 5% allocated to existing coin holders as a reward, and the other 5% locked in the liquidity pool to stabilize market prices.

• Encourages long-term holding: Through the above mechanism, SafeMoon encourages investors to hold tokens for the long term, reducing frequent trading.

This innovative model has attracted a lot of investors’ attention to SafeMoon in a short period of time. It is reported that the token price of SafeMoon soared by over 55,000% from March to April 2021, with a market value reaching 5.7 billion dollars at one point. This astonishing growth rate has earned it the title of ‘bull market myth’.

2. SafeMoon Controversies and Legal Issues

However, as the project develops, SafeMoon also begins to face various doubts and legal challenges.

1. Liquidity pool locking issue: Despite the official claim that the liquidity pool has been locked and cannot be subject to ‘Rug-pull’ scams, in practice, the team still maintains control over the liquidity pool. This has raised concerns from the community regarding the transparency and security of the project.
2. Executive accused of fraud: In November 2023, the U.S. Securities and Exchange Commission (SEC) accused SafeMoon and its executives of securities fraud, telecommunications fraud, money laundering, and other charges. The complaint stated that the project team used investor funds to purchase luxury items such as a Porsche 911 and real estate.
3. Security Vulnerability: In March 2023, SafeMoon lost $8.9 million due to a smart contract vulnerability. As the attacker couldn’t be traced, the crypto community speculated that the vulnerability was intentionally left by the founding team.
4. Celebrity endorsements lead to lawsuits: In February 2022, several celebrities, including musicians Nick Carter, Soulja Boy, Lil Yachty, and YouTube influencers Jake Paul and Ben Phillips, were collectively sued for promoting SafeMoon. The lawsuit accuses them of misleading investors to purchase SafeMoon tokens.

3. SafeMoon bankruptcy and restructuring

As legal issues continue to ferment, SafeMoon’s operation has also fallen into a predicament. In December 2023, SafeMoon US, LLC filed for bankruptcy under Chapter 7 of the US Bankruptcy Code. The documents show that the company estimates it has 50-99 creditors, with assets ranging from $10 million to $50 million and liabilities ranging from $100,000 to $500,000.

After bankruptcy, the VGX Foundation acquired SafeMoon’s assets through a bankruptcy court ruling. The VGX Foundation stated that they believe in the power of the community and are willing to inject new vitality into the future of the SafeMoon community.

4. Technological Innovation and Product Releases

During the transformation, SafeMoon has also made many innovations in technology and products:

1. The Launch of VGX DEX: On March 3, 2025, the VGX Foundation launched VGX DEX, a decentralized trading platform compatible with EVM, aiming to provide users with a more efficient and secure trading experience.
2. Release of the VGX wallet: On February 25, 2025, the VGX Foundation released the VGX wallet, supporting multi-chain asset management, integrating Web3 backup and restore functions, enhancing user asset security.
3. Cross-chain bridging function: To facilitate users in bridging SFM V1 or V2 tokens on BSC to Solana, SafeMoon provides detailed instructions to help users successfully complete asset migration.

5. SafeMoon Meme community-driven transformation

Under the leadership of the VGX Foundation, SafeMoon has embarked on a new community-driven transformation. On February 14, 2025, SafeMoon announced that the project is now fully community-controlled and plans to launch a memecoin on the Solana blockchain. This move aims to adopt a casual, community-led approach with no predefined use cases, focusing solely on engagement.

SafeMoon Meme is the “second life” form that the SafeMoon project has emerged after bankruptcy, restructuring, and legal turbulence. It is no longer just a functional token or financial tool, but has become a purely community-driven Meme Coin, aiming to gather community power in a relaxed and fun way, and continue the influence and culture of the SafeMoon brand.

The core definition of 5.1 SafeMoon Meme

• Meme Coin Essence:

Meme Coin is a cryptocurrency with fun, entertainment, and online cultural attributes. It usually does not have traditional “technical applications” or “financial purposes”, but gains popularity through internet cultural memes, emojis, community interaction, and emotional resonance.

• SafeMoon Meme Transformation:

In 2025, the SafeMoon team officially announced a complete transformation into memecoin and deployed on the Solana blockchain, abandoning complex financial tool labels and focusing on becoming a cultural symbol of “community and investor fun together.”

• Slogan:

“No utility, just vibes.”

(No so-called practical function, only happy atmosphere and community sentiment.)

5.2 Characteristics of SafeMoon Meme

1. Pure community-driven

In the past, SafeMoon had a founding team and operations center, but now SafeMoon Meme is completely community-governed and driven.

2. Deployed on the Solana chain

Compared to the original Binance Smart Chain, Solana has faster transaction speed and lower fees, making it suitable for large-scale small transactions and entertainment-oriented dissemination.

3. No presale, no VC, zero reserve

The official promise is that SafeMoon Meme has no reserved shares, no institutional holdings, and all tokens are open and distributed fairly.

4. High transparency

All smart contracts, token issuance, and community governance are publicly available and searchable on the chain to prevent the ‘black box operation’ that has occurred in the past.

5. NFT and Meme Culture

SafeMoon Meme project plans to support NFT issuance and meme creation incentives, encouraging the global community to create SafeMoon-related emojis, funny content, and reward them with tokens.

5.3 SafeMoon Meme’s mission

The birth of SafeMoon Meme represents the transformation of the SafeMoon brand from a ‘financial tool’ to a ‘cultural symbol.’ It no longer pursues serious use cases, but instead:

• Become the source of joy in the Crypto world

• Bringing together investors and crypto players with shared memories

• Encourage creative and humorous content production

• Empowering investors to participate easily without excessive expectations

• Proving that the community is the real owner

5.4 The Symbolic Significance of SafeMoon Meme

SafeMoon was once a popular ‘wealth myth,’ but also fell from grace due to management issues. SafeMoon Meme represents:

• Start again: Tell the world that the brands and communities in the cryptocurrency market are more than just financial speculation, but can be transformed into cultural assets.

• Decentralized destination: Eventually, all successful projects will move towards being controlled by the community.

• The inheritance of memory: SafeMoon Meme carries the internet memory of the period from 2021 to 2023.

5.5 How to participate in SafeMoon Meme

1. Holders of the original SafeMoon (SFM) tokens can use the official bridging tool to bridge the tokens to Solana and exchange them for SafeMoon Meme.
2. Purchase SafeMoon Meme tokens on DEXs (such as Orca, Raydium) on the Solana network.
3. Join the official SafeMoon Meme Discord and Telegram groups to participate in community activities.
4. Participate in Meme creation contests and NFT releases to earn community rewards.
5. Together with global crypto users, promote the spread of the #SafeMoonMeme topic on social media.

6. SafeMoon (SFM) token market performance (2025-3-10)

6.1 Basic information about SafeMoon token

1. Market Cap: $27.04M
2. Circulation: 372.70B SFM
3. Maximum supply: 1.00T SFM

4. Fully diluted market cap: $72.54M

   The SafeMoon protocol is 100% community-driven and is a fair distribution of decentralized finance (DeFi) tokens. In each transaction, three simple functions occur: Reflection, LP Acquisition, and Recording. In addition, the RFI static reward mechanism allows holders to passively earn additional income through static reflection as their SafeMoon token balance grows. The SafeMoon (SFM) token is an upgrade from the original SafeMoon, with a conversion ratio of 1000:1.

5. Token distribution is as follows:
   

Market performance of 6.2 SFM token

Login to the Gate.io trading platform to start trading SFM tokens now:https://www.gate.io/trade/SFM_USDT

Risk Warning: Cryptocurrency projects may have high volatility and high risk. Please trade carefully and be aware of the risks!

Conclusion

SafeMoon Meme is the “second life” of SafeMoon, representing decentralization, community spirit, entertainment, and cultural value. It does not promise any applications or profits, but promises one thing: “To make you feel happy and belong in the crypto world with like-minded people.”