SafeMoon Surges Over 50% As SFM Token Migrates to Solana

SafeMoon spiked nearly 57% today as the project’s token migration to Solana is nearing completion. The developers have been burning huge quantities of SFM tokens and announced a gradual airdrop.

Additionally, a key point of SafeMoon’s pivot is the dramatic changes in its governance structure. The project’s original leads committed an infamous fraud, but its new management is trying to transform it into a Decentralized Autonomous Organization (DAO).

SafeMoon Is Migrating from BNB to Solana

After a few years of trouble, SafeMoon is trying to make a fresh start. After the token’s launch in late 2021, crypto sleuth Coffeezilla accused its developers of “billion-dollar fraud“.

However, the Department of Justice is prosecuting these old leaders, one of whom has already pled guilty, and SafeMoon is planning to migrate to Solana under new management.

“Four years ago, SafeMoon was born. What started as a vision has grown into a movement, a community unlike any other in the blockchain world. Today, we celebrate four years of resilience, innovation, and the incredible SafeMoon Army that has stood strong through every challenge,” the firm posted on social media.

Safemoon announced the Solana migration two weeks ago, hoping to change the project’s structure and image completely. Crypto exchange Bitrue has already annouced that it will support the token migration, and developers are circulating guides to streamline the experience for users.

It seems like this Solana migration is having a positive impact on Safemoon’s price. Shortly after the initial announcement, the new team announced a gradual airdrop, which caused a momentary price surge. SFM is currently up by nearly 92% in a week.

SafeMoon Weekly Price Chart. Source: TradingView

There is much market enthusiasm over SafeMoon’s commitment to changing its governance structure. A project would rarely continue operations and make notable changes to governance following a major scam.

Two days ago, the company announced that it was setting up an interim advisory council to transition SafeMoon governance. Today, it clarified this vision, favorably comparing it to a DAO:

“Community Governance is absolutely something we want to see. This is one of the things that makes getting onto a single chain and contract so important. Without this, community governance by token holders is not possible. Once the community governance structure is set up, it will be up to governance votes based on token holders on Solana,” the firm stated.

In other words, SafeMoon’s move to Solana is only a piece of the equation. The migration was announced two weeks ago, and the price has been chaotic.

As the move approaches, however, the developers are even more emphatic about their desire for change. If the new structure works as advertised, the project will be governed by its community, which is fueling positive sentiment in SFM.

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